Competition and choice in the UK audit market

On 21^st October 2011 the OFT referred the market for the supply of large company statutory audit services to the Competition Commission.

In our opening submission to the Competition Commission, we welcome the opportunity of a properly informed analysis of how competition works in the audit sector.

We describe why we do not agree with OFT’s view that features of the market, including current market shares and tender and switching rates, may prevent, restrict or distort competition. We do this by describing how we see competition working in the market.

Opening submission Adobe PDF Format

In 2006, the then Department of Trade and Industry and the Financial Reporting Council, commissioned a study on competition and choice in the UK audit market. This study was carried out by Oxera.

At that time, we produced a critique of the Oxera study. This critique remains relevant and of importance to the current market investigation.

Oxera Critique Adobe PDF Format