EU To Examine Competition In Audit Sector

Law360, New York (October 13, 2010, 6:15 PM EDT) -- The European Commission launched a consultation Wednesday that will examine the market dominance of the so-called Big Four accounting firms and whether more competition is needed in the industry, among other perceived weaknesses in the audit sector.

The Big Four accounting firms — KPMG, Deloitte Touche Tohmatsu Ltd., PricewaterhouseCoopers and Ernst & Young — control about 70 percent of the European market and are used by all but one of the U.K.'s most highly capitalized companies, according to the EC’s Internal Market and Services Commissioner Michel...
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