UK To Make Companies Tender Their Audits Every 5 Years

Law360, New York (July 22, 2013, 7:07 PM EDT) -- U.K. antitrust officials laid out a plan Monday to boost competition among auditors for major companies, requiring those companies to open up their audit contracts to bidders every five years, but stopped short of forcing them to change auditors.

After finding that competition among auditors was limited in part because companies are hindered from changing auditing firms, the Competition Commission put out a provisional decision that would require the 350 largest companies based on the London Stock Exchange to put their statutory audit business up for...
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