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U.K. Rejects Europe's Audit Market Proposals

Neil Baker | December 15, 2010

U.K. regulator the Financial Reporting Council has rejected European Commission proposals aimed at breaking the Big Four accounting firms' dominance of the market for listed company audits.

The FRC said it was opposed to a wholesale ban on firms selling extra services to their audit clients, the forcible creation of audit-only firms, and the mandatory use of joint audits. These are all ideas that the Commission floated in a recent policy paper on audit market reform.

FRC Chief Executive Stephen Haddrill said regulators should focus on preserving and enhancing the quality of external audit, as that was in investors' best interests.

“The Commission now has the difficult task of building consensus across Europe, taking into account the...

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