Competition report: welcomed by mid-tier bosses

Competition report: welcomed by mid-tier bosses

Current ‘domination’ a risk to the market

UK managing partners at mid-tier firms Grant Thornton and BDO Stoy Hayward
have welcomed the Oxera report examining the audit dominance of the Big Four,
saying such dominance creates a risk to the continued smooth operation of
capital markets.

In a joint letter written to the FT, Jeremy Newman, managing partner
at BDO and Michael Cleary, managing partner at Grant Thornton, said the extent
to which the dominance existed ‘is unnecessary and, in the view of many,
unhealthy’.

They went on to say: ‘There might be as few as 150 UK companies whose audits
require either such scale of resources (some but not all of the FTSE 100) or
such highly specialised resources (large banks and insurance companies) that
they are best served by a Big Four firm.’

However, they said they were opposed to the market being changed artificially
by regulators such as breaking up the Big Four.

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