No evidence found of audit services collusion

Britain's competition watchdog said its investigation into the market for company audits had not yet uncovered any evidence of collusion among top accounting firms over market share, reports Nick Huber.

The Competition Commission has looked at how the country’s top 350-listed companies buy audit services. Many companies have been using the same auditor for decades.

“Accordingly, whilst many of the market conditions conducive to tacit collusion in relation to market share appear to be satisfied, we do not currently have the further evidence necessary to establish that there has been tacit coordination,” the commission said in a paper earlier this week.

Continued...

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Comments

Auditors not colluding

alanscott | | Permalink

News just in :

Pope has joined the "Wee Free" Kirk

Bears are building latrine blocks.

Cheque is in the post

 

 

Auditors not colluding

Joseph_odriscoll | | Permalink

Could Mr Scott present any evidence for his assertions?

 

NO COMPETITION?

david5541 | | Permalink

MAYbe THE CIVIL SERVANTS HAVE GOT THEIR FIGURES WRONG ON AGAIN - ON THis one too( like the first group franchise)-my sympaathy is with the civil servants who all get paid a pittance unless you are part of the FDA(first division association) and therefore demoralised.

 

closing down the audit commssion-no wonder this quango doesnt want to rule against the big 4 with the amount of business referred on to the likes of E&Y and delloitte.

 

there is a distinct lack of transparency in this again and it should go to the APB/FSB to reccomend rotation of auditors like in the EU.....bring on AUSTIN Mitchell and Prem Sikka.............

 

ITS BEEN A CLOSED SHOP SINCE THE 80'S WHEN THE THRESHOLD WAS INCREASED

 

brownbuchanan | | Permalink

 

what a surprise/what a relief.amazing conclusion