MONEY & RATES BANKING & FINANCE INFORMATIONTECHNOLOGY ADVERTISING & MARKETING INTERNATIONAL BUSINESS
In Brief
Fortune World
ECONOMY & POLITICS
RNI NO:KARENG/2010/353381 VOL : 3 ISSUE.
NO.
935 DAILY BANGALORE,INDIA 23FEB 2013 Pages - 4 $.
1/-USD
Audit...
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MONEY & RATES BANKING & FINANCE INFORMATIONTECHNOLOGY ADVERTISING & MARKETING INTERNATIONAL BUSINESS
In Brief
Fortune World
ECONOMY & POLITICS
RNI NO:KARENG/2010/353381 VOL : 3 ISSUE.
NO.
935 DAILY BANGALORE,INDIA 23FEB 2013 Pages - 4 $.
1/-USD
Audit market not serving shareholders
C
ompetition in the
audit market is
restricted by fac
tors which inhibit
companies from switching
auditors and by the tendency for auditors to focus
on satisfying management
rather than shareholder
needs.
This is the CompetitionCommission’s(CC) provisional conclusion in its
market investigation into the
supply of statutory audit
services to large companies
in the UK.
In a summary of
its provisional findings published today, the CC states
that because companies
find it difficult to compare alternatives with their existing
auditor, prefer continuityand
face significant costs in
switching, they are reluctant
to change auditor and so
lack bargaining power.
Audit firms outside the ‘Big 4’,
which dominate the m
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