Titan Insurance for Accountants is supporting a move from smaller networks of professional practices which are calling on the European Commission to try and break the dominance held by the Big Four firms over the industry.
In particular, to try and break the hold that Deloitte, Ernst & Young, KPMG and PwC have over the auditing of the large companies listed in the UK. Most FTSE 100, 250 and 350 companies have their accounts audited by one of the Big Four firms and some of the industry’s smaller players feel this is unfair.
The smaller networks in question (not insubstantial in themselves) are
BDO International, RSM International and Grant Thornton International, who have joined with Mazars to lobby relevant authorities within the European Commission.
BDO International, RSM International and Grant Thornton International represent the fifth, sixth and seventh biggest accountant networks, in terms of fees, in the market; after the Big Four.
These four networks are asking Michel Barnier, who’s the EU’s internal market commissioner, to make definite steps to unlock the stranglehold exerted by the Big Four on the blue-chip and large company audit market.
Chief Executive Officer of Titan Insurance for Accountants, said:
“We welcome this move, not because it’s a criticism of the Big Four firms, but because it’s a move to try and level the playing field. There is so much talent out there, that to see just four firms grab most of the large company audit market, is a little frustrating.
“We feel it will do the industry good to spread things around a little further than currently is the case.”
Titan is one of the UK’s largest brokers which handles insurance for a large number of accountant firms.
Contact: on www.titan-insurance.com