A government review, run by DTI’s Jacqui Smith, discovered that many investors were opposed to a liability cap for auditors, with many emphatically declaring there was a lack of competition in the market.
Both Morley Fund Management and the National Association of Pension Funds claimed the accounting profession would benefit from a commission inquiry into the Big Four, with Morley insisting that these firms act as a ‘complex monopoly’.
A DTI spokeswoman confirmed that all responses to the consultation, which closed earlier this month, would be carefully considered and that decisions would be made based on the arguments presented.
‘The point of the consultation was for people to show us evidence of how, why and where it isn’t working and give us suggestions on how to improve the situation,’ said the spokeswoman. But one representative of the Big Four argued that the calls for an inquiry were unnecessary.
‘Nothing would be achieved by another inquiry, this ground has been crawled over several times,’ said Neil Lerner, UK head of risk management at KPMG.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned