From Mr Jeremy Newman.
Sir, I welcome the continued debate on how best to stimulate competition in the audit marketplace promoted by Paul Boyle and others (report, October 27; letter, October 28).
While many of the proposed changes are highly desirable (including liability reform and setting audit fees to give the appropriate risk/reward ratio) it shows a lack of understanding of the dynamics of the global market for audit services and the structure of major accounting firms to suggest the mere injection of capital will create a Global 10 - or even a Global Five - even assuming there are those who wish to create such firms.
See full Letter.
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