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.