Audit reform: Supply and demand

The watchdog says the audit model is failing the market, but is there enough will to fix it? Penny Sukhraj reports

Auditors in the UK – certainly those in the four largest firms – should really be quite satisfied with the outcome of the competition regulator’s provisional findings into the audit market. For PwC, Deloitte, KPMG and Ernst & Young have not been accused of bad behaviour tantamount to bullying in the market place.