UK Competition Commission To Examine Audit Market

Law360, New York (July 29, 2011, 1:49 PM EDT) -- Antitrust regulators in the U.K. announced Friday that the country's Competition Commission would perform a six-week investigation into whether the British market for audit services, currently dominated by four firms, was too concentrated.

The U.K. Office of Fair Trading said it had “been concerned for some time that this market is highly concentrated, with substantial barriers to entry and switching," and was referring the matter to the commission.

The U.K. auditing industry is dominated by the so-called Big Four of PricewaterhouseCoopers LLP, Deloitte LLP, KPMG LLP...
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