RSS feedsSteve Lucas, group FD of FTSE 100 giant National Grid, is satisfied that the leading four accounting firms offer his company enough choice for audit and other accounting services.
In an interview featured in this week’s Accountancy Age, the FD of the £19bn utility group said the four giant firms were more than capable of providing the UK’s largest companies with the services required. ‘Four firms are OK. I get enough diversity of opportunities whenever I am out there shopping for services from the four,’ he said.
Lucas’ comments offer a different slant on the view that at least one more giant audit firm is required to offer the top end of the market the choice it requires.
The Oxera report, commissioned by the Department of Trade and Industry and the Financial Reporting Council, found that more choice was needed in the market.
However, the National Grid finance head added that any less than four firms would make it difficult for the FTSE 100 market to buy the services needed. ‘Four is the bare minimum. If it became three, I think there would be problems,’ Lucas said.
Lucas also voiced his support of Sarbanes-Oxley regulations, which many other FDs have complained about. ‘Sarbanes-Oxley has helped us improve the business. It has been worthwhile,’ Lucas said.
