Italy Fines Big Four Accounting Firms €23M For Collusion

By Melissa Lipman (November 7, 2017, 5:22 PM EST) -- Italy's antitrust watchdog on Tuesday fined the Big Four auditing firms more than €23 million ($26.7 million) for rigging bids to provide services to Italy's central public procurement operation.

The Italian Competition Authority said that the Deloitte LLP, KPMG, Ernst & Young and PricewaterhouseCoopers LLP auditing networks had colluded on bidding for contracts being offered by Consip SpA, the entity created by Italy's finance ministry to centralize public purchasing.

The auditing firms, known as the Big Four, worked together to allocate contracts amongst themselves in order to effectively neutralize competition, according to the agency, which called the plot one of the...

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