Deloitte comments on the Competition Commission’s final report
15 October 2013
David Barnes, managing partner, Deloitte UK head of public policy, commented:
“The audit market has fundamentally changed since the Competition Commission’s investigation began. The combination of this investigation, the FRC’s guidelines and the ongoing debate in Europe has led to a material and enduring increase in audit tenders.
“The Competition Commission has listened to the views of shareholders and developed a package of remedies that will enhance investor dialogue and strengthen the role of the audit committee.
“While this does provide clarity in the UK audit services market, there will be some uncertainty until the position in Europe is finalised.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.
“The Competition Commission has listened to the views of shareholders and developed a package of remedies that will enhance investor dialogue and strengthen the role of the audit committee." - David Barnes, Managing Partner, Deloitte UK Head of Public Policy