PracticeAccounting FirmsFDs back Big Four probe

FDs back Big Four probe

Should there be an Office of Fair Trading Investigation into competition implications of the Big Five reduced to the Big Four?

UK finance directors have narrowly voted in favour of an Office of Fair Trading investigation into the implication of the Big Five being reduced to a Big Four.

The result comes after controversy surrounded the remarks of a Treasury official who said the disappearance of Andersen as a separate firm in the UK was an issue for the competition authorities.

In this week’s Accountancy Age/Reed Accountancy Personnel Big Question 43% of FD’s said the OFT should push on with an investigation.

Mead Fluid Dynamics FD David Weston said: ‘Considering the recent financial disasters that have occurred, it is paramount to ensure that the Big Four don’t appear to be running a cartel on big business.’

In Scotland FDs unequivocally backed an investigation with 75% in favour.

Edinburgh University FD George Sutherland said: ‘In effect a few large firms set, and perpetuate, audit style and standards. Fine if it works, but it doesn’t. The standards of auditing would seem to be inadequate particularly in the context of multinational operations.’

Overall 39% of the 250 FDs polled objected to an OFT investigation. One FD said an investigation would be a ‘total waste of money’.

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

3h Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

1d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

1w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor