Labour MP for Greater Grimsby, Austin Mitchell, has demanded that the Big
Four’s dominance of the listed audit market come to an end.
Mitchell, a well known critic of the Big Four’s position, tabled an early day
motion in the House of Commons condemning the ‘monopoly’ of the Big Four, namely
PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young.
Mitchell described their market dominance as ‘anti-competitive, unhealthy and
promoting complacency within the industry’ and called on the government ‘to
consider structural reform to set the highest possible standards of
accountability and transparency’.
It follows the FRC’s Oxera’ report from the Financial Reporting Council that
looked into the level of choice in the UK audit market and which has stirred up
debate on the subject.
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