In a statement, it said: ‘The OFT has not found compelling arguments to support claims that a cap on auditors’ liability would have pro-competitive effects on the audit market. It is likely that allowing audit caps would be competitively neutral overall.
The OFT did not find any compelling evidence that a cap would reduce barriers to entry and growth facing smaller audit firms, maintain competition between larger audit firms or reduce the risk of collapse of one of the Big Four.
But it did add: ‘Some forms of cap design could distort competition, so it will be important to ensure that there are no anti-competitive effects if scope for caps is allowed.’
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