Pat Sweet assesses reaction from
the Big Four firms to initial findings of Competition Commission inquiry
The Competition Commission (CC) report on the FTSE 350 audit
market has been welcomed by mid-tier firms for highlighting the lack
of diversity in audit provision, while the Big Four have robustly
challenged the CC's view that auditors are failing shareholders.
Richard Sexton, head of reputation and public policy, PwC said:
'We believe that the Competition Commission have grossly underestimated
the critical role that audit committees play in protecting the interests
of shareholders.'
Hywel Ball, head of assurance, at Ernst & Young, said his
firm 'disagreed strongly' with the CC's comments that the audit market
is not serving shareholders.
