Audit, competition and serving shareholders

Last week, the UK Competition Commission published its provisional findings in its investigation into the provision of statutory audit services in the UK. Unsurprisingly, the findings show that there are obstacles to competition, as if we didn’t know that already. Just in case you needed more evidence, some really interesting research in this month’s Financial Director magazine’s 2013 Audit Survey shows just how much harder the ‘fifth’ audit company has to work compared to the average of the big four .… Read the rest