Big Four has FTSE350 audit monopoly
The Big Four has maintained its almost complete stranglehold on the audits of the largest listed companies in the UK, with this dominance extending to the FTSE350.
In the seventh annual audit fees survey by Financial Director magazine, which for the first time was expanded to include the FTSE250, the Big Four audited all but eight of the FTSE350.
The survey also found that there had been a decline in the amount of money spent on non-audit services, not surprising given the Enron-fuelled obsession with auditor independence.
It also revealed a much greater degree of transparency and disclosure in the notes on audit and non-audit fees.