The Financial Reporting Council, the independent regulator for corporate reporting and governance in Britain, is seeking views on its May 17 paper, "Choice in the U.K. Audit Market." You asked for it. You got it.
The council, whose functions include oversight of the profession and the setting of standards, is focused on the concentration in Britain of the Big Four accounting firms, which so dominate the audit market that they serve 342 of the 350 largest British companies.
Both the regulator and the U.K. Department of Trade and Industry, which jointly sponsored a study on the subject this year, have bypassed an urgent question: What happens when one of the Big Four disintegrates?
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