RSS feedsLabour MP for Greater Grimsby, Austin Mitchell, has demanded that the Big Four’s dominance of the listed audit market come to an end.
Mitchell, a well known critic of the Big Four’s position, tabled an early day motion in the House of Commons condemning the 'monopoly' of the Big Four, namely PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young.
Mitchell described their market dominance as ‘anti-competitive, unhealthy and promoting complacency within the industry’ and called on the government ‘to consider structural reform to set the highest possible standards of accountability and transparency’.
It follows the FRC’s Oxera’ report from the Financial Reporting Council that looked into the level of choice in the UK audit market and which has stirred up debate on the subject.
