UK Antitrust Watchdog Probes Big 4's Dominance

Law360, New York (October 21, 2011, 1:25 PM EDT) -- The U.K.’s Office of Fair Trading on Friday formally asked the Competition Commission to launch an investigation into whether the so-called Big Four accounting firms wield too much power in the British market for corporate auditing services.

Industry-led efforts to increase competition in the highly concentrated audit market — dominated by PricewaterhouseCoopers LLP, KPMG LLP, Deloitte LLP and Ernst & Young LLP — have so far been unsuccessful, the OFT said, noting that last year the four largest firms earned 99 percent of audit fees paid...
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