Accountants to be spared by OFT
Accountants will not be 'pole axed' when they see the Office of Fair Trading's report into the professions in the latter half of this month, according to experts who have seen draft copies.
The OFT has been looking at competition in the professions for six months but it is becoming clear that conclusions in the final report will not lead to major changes within accountancy.
News that accountancy will emerge unscathed underlines the belief that lawyers were the real target. Last month it emerged investigators had rejected plans to examine the possibility of firms publishing mandatory financial reports.
But it seems investigators did look at loosening entry to auditing with a view to increasing competition among providers, though statutory obligations are thought to have made that impossible.
More on the OFT’s examination .