The Big Four accountancy firms are to face a Competition Commission investigation unless a solution can be found to open up the large company audit market. Following a recommendation from the Lords Economic Affairs Select Committee, the Office of Fair Trading has 'provisionally decided' that there are competition problems in the audit market that pass the statutory test for a referral to the Competition Commission. It now plans to arrange a series of roundtables and discussions 'interested bodies' to discuss whether there are ways to allow the commission to resolve the issues. Clive Maxwell, OFT executive director, (pictured), said: 'We have been concerned for some time about the extent of competition in this market, with only four large players and substantial barriers to entry and switching.'
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