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22/02/2013
UK's Four Biggest Accountancy Firms Heavily Criticised
The Competition Commission has levelled heavy criticism at the UK’s four biggest accountancy firms, saying the companies are too dominant.
The four accountancy firms, PWC, Ernst & Young, Deloitte and KPMG, act as auditors for 90% of the UK's stock-market listed big companies.
The regulator said that the firm’s were not always meeting a shareholder's needs.
However, the accountants argue that the market is competitive and point out that many big clients doubt that smaller firms could build up their expertise fast enough.
"We are very clear that we report to the shareholders and engage with the Audit Committee as their representatives," said PWC's Richard Sexton.
"We believe that the Competition Commission have grossly underestimated the critical role that Audit Committees play in protecting the interests of shareholders."
(H)
The four accountancy firms, PWC, Ernst & Young, Deloitte and KPMG, act as auditors for 90% of the UK's stock-market listed big companies.
The regulator said that the firm’s were not always meeting a shareholder's needs.
However, the accountants argue that the market is competitive and point out that many big clients doubt that smaller firms could build up their expertise fast enough.
"We are very clear that we report to the shareholders and engage with the Audit Committee as their representatives," said PWC's Richard Sexton.
"We believe that the Competition Commission have grossly underestimated the critical role that Audit Committees play in protecting the interests of shareholders."
(H)
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