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20 Dec 2007
Leading executive search company Hat Pin has dropped auditors BDO Stoy Hayward and engaged PricewaterhouseCoopers to sign off its books instead.
The company has remained guarded about the reasons for the change. A Hat Pin source said: 'That's a matter between us and our previous auditors.'
The company said on 27 March 2007, that BDO was going to be proposed for re-appointment at its AGM, which suggests that that the relationship between BDO and Hat Pin has soured in the last few months.
Neither BDO nor PwC returned calls for comment.
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Briefings
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Visitor comments Add your comment
UK audit market dynamics
This move is not surprising. Investors always look for a "Big Four ticket" on any company they invest in.
Unfortunately, this does configure the audit market towards Big Four dominance and affect the market structure, with long-term consequences on audit quality.
It remains to be seen whether the Big Four have the capacity to maintain the same quality of audit around the globe.
My research in 2007, using university students and a financial advisor, showed a similar trend to Hat Pin.
I do agree with previous comments that it will take a long time to address market choice in the UK audit market.
Posted by: Rodney Ndamba, 28 Dec 2007 | 00:00