FORCING AUDITORS to bid for the work of Britain's largest businesses every five years may not result in a more competitive market, according to members of the profession.
The requirement is one of a series of measures introduced by the Competition Commission to shake-up the FTSE 350 audit market, encourage more rivalry between the firms and improve the quality and transparency of the market.
Though some of the measures, such as the prohibition of Big Four-only clauses in loan documentation, were universally welcomed, the decision to halve the FRC's recently introduced ten year retendering period to five years was met with disapproval.
See full Article: http://www.accountancyage.com/aa/news/2283982/competition-questions-over-mandatory-audit-tendering
Posts
