Auditors: Regulators back down on re-tendering plans
(Guardian (UK) Via Acquire Media NewsEdge) Competition regulators have bowed to behind-the-scenes corporate lobbying and rowed back on plans to force the largest companies listed on the London stock market to re-tender contracts to audit their books every five years.
It is the second time the regulator has retreated from proposals worked up in February designed to introduce greater competition to a market dominated by the "Big Four" - PricewaterhouseCoopers, Ernst & Young, Deloitte and KPMG.
Three months ago the Competition Commission ditched plans to force companies to change their auditor after a period of between seven and 14 years after warnings that the costs of re-tendering, and of developing fresh working relationships with new auditors, would be too great.
(c) 2013 Guardian Newspapers Limited.
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