In an interview with Accountancy Age’s sister title Financial Director, he called on the competition authorities in Europe and the US to examine the Big Four’s hold on the market.
Davies said the FSA had ‘considerable concerns’ about the lack of competition for audit services, ‘though it’s not easy to do anything about it in one country,’ he explained.
‘The difficulty is that it is a global issue and probably only the merger taskforce at the EU and US Department of Justice can take this on effectively. I hope that in due course they do.’
He believes the competition authorities are ‘waiting for things to settle down’ before competition issues ‘ come back on the agenda’.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal