MUCH LIKE TRAVELLING ON THE TUBE during last week's soaring temperatures, the Competition Commission's 18-month investigation into the large company audit market involved much sweat, frustration and toil with very little discernible reward.
On Monday, the UK competition watchdog came out with its much-anticipated remedies to break the Big Four's vice-like grip on the FTSE 350 audit market. In this regard it has summarily failed in its raison d'etre of stoking more rivalry between the firms.
Indeed, I have more chance of opening a can of baked beans with my teeth than its remedies have of opening up the market to more competition. Though there are some notable improvements to the current system, much more would have been needed to affect real change.
See full Article: http://www.accountancyage.com/aa/blog-post/2284213/frc-audit-rules-should-have-been-given-time-to-take-root
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