Grant Thornton has taken over from PricewaterhouseCoopers as external auditors to the UK’s regulatory body for takeovers and mergers – the Takeover Panel.

The firm suggested the audit move was a watershed, in that the Big Four would usually do this kind of work.

Judith Newton, partner at Grant Thornton, said: ‘The tide is definitely turning in that the major abilities of a small number of other audit firms are being
considered for significant public audit work.’

The Takeover Panel ensures all shareholders involved in takeover bids are fairly treated and given the opportunity to decide on the merits of a takeover. It consists of influential individuals from major financial and business institutions