 PKF (UK) LLP comments on the Office of Fair Trading announcement on competition in the audit market
17 May 2011: PKF (UK) LLP welcomes the provisional decision by the Office of Fair Trading that there are competition problems in the audit market that pass the statutory test for referral to the Competition Commission.
Richard Bint, Senior Partner at PKF, says: “Much comment has been made around the oligopoly of the Big 4 in the FTSE 100 audit market, but the issue is wider than this and in PKF’s view, steps should be taken to promote competition below this level – the Big 4 also audit about 80% of the FTSE small capitalisation company audits."
“PKF audits around 100 public companies and has the capacity to audit substantially more. We have made significant investment in audit and financial reporting resources to produce the quality needed to meet the high degree of independent supervision we are subject to as a public company auditor."
“It is not necessary to have many thousands of audit staff and every possible specialisation to audit the vast majority of public companies in the UK. The capabilities of the five leading public company audit firms outside the Big 4, including PKF, need to be promoted and a level playing field introduced.”
ENDS
For further information, please contact: Andy Konieczko, PR Manager, on 020 7065 0537, andrew.konieczko@uk.pkf.com
Notes to Editors:
1. PKF (UK) LLP is a leading firm of accountants and business advisers with more than 1,500 partners and staff operating in 23 offices in the UK mainland firm, incorporating a whollyowned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firms web site is www.pkf.co.uk
2. PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Guernsey) Limited is incorporated in Guernsey.
3. PKF (UK) LLP is a member firm of the PKF International Limited network of legally independent firms. The PKF International Limited network has around 17,600 people operating in 120 countries around the world.
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