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New European Regulations Mean More Competition Between ‘Big Four’

Aarti Maharaj | December 30, 2015

New European regulations are set to take shape in 2016 and competitive tensions are mounting between the Big Four’s audit and consulting divisions  as companies fight to retain the best public accounting firms, said a recent Financial Times article.

Due to the new European rules, which mandate companies to change their auditors every 20 years, some of the top FTSE 100 companies are switching auditors amid the new regulatory landscape.

KPMG was most recently appointed auditor to Barclays, ending the British bank’s 120-year relationship with PwC. The audit firm rotation continued at Tesco, which switched from PwC to Deloitte, while HSBC switched KPMG to PwC, and EY took over the Royal Bank of Scotland from Deloitte.

Moreover, the increasing use of technology led to a decline in audit revenues. Industry analysts believe parts of the audit function that are...

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