In its interim report, the joint review of auditing issues says the Department of Trade and Industry and HM Treasury should discuss with the Office of Fair Trading whether there are any competition implications ‘of the high concentration in the market for audit and accountancy services’.
But it is unclear how many solutions would be available if the OFT decided there was insufficient competition – it would be unlikely to recommend the break up of one or all of the big firms.
The Financial Services Authority has already expressed concerns at the lack of competition in the audit mark for listed companies.
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
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day