A study begun in October by the U.K. Competition and Markets Authority (CMA) has resulted in a set of four recommendations for reform of the audit market, aimed at increasing quality and competition and breaking the stranglehold of the Big Four accounting firms: Deloitte, KPMG, PwC, and EY.
“Legislation is needed to address both the vulnerability of the industry to the loss of one of the Big 4, and the current inadequate choice and competition,” said the CMA in its press release.
