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A report entitled "Audit concentration :lack of competition in the large company audit market"
Finance & Accounting
Pages 6 (1506 words)
Audit concentration – Lack of competition in the large company audit market Table of Contents Introduction 3 Plan of Competition Commission 3 Main concerns 4 Step taken to increase the competition in the audit market 6 Conclusion 7 Works Cited 9 Name of Student: Name of Professor: Course Number: Date of Paper: Audit concentration – Lack of competition in the large company audit market Introduction The report highlights the plan formulated by Competition Commission (CC) in July 2013 which shook the Big Four auditing companies under FTSE 350 audit market, PwC, Deloitte, KPMG and EY.
The Big Four Companies audit almost all the companies under FTSE 100 and FTSE 350. The report elaborates whether the auditing of the large companies in the hands of the Big Four companies are a matter of concern or not (“Big Four find Competition Commission audit conclusions Lacking”). Though the plan of CC was not successful but there was question whether other audit companies are to be given the chance of auditing the large companies. The report throws light on the concerns that can be raised against the operation of the Big Four companies (Burgess 234). Plan of Competition Commission The Competition Commission (CC) on July 2013 declared that the Big Four companies should tender the audit reports of the large companies every five years instead of 10 years. It shook the Big four companies as they felt the threat from the other Mid-tier audit companies who will get the chance of establishing their business by taking their market (Frambling and Johnstone 145). Thus they opposed to the proposal. ...
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