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“Big Four” auditors expect investigation

The “Big Four” accountancy firms are expecting to be investigated by the Competition Commission, according to The Daily Telegraph.

The Office of Fair Trading is expected to announce today that PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte will referred to the Competition Commission, according to the paper.

The House of Commons has previously raised concerns about the dominance of the four firms, which audit nearly every FTSE 100 company.

According to The Daily Telegraph, around a year ago, the House of Lords economic affairs committee set up an inquiry into the role the four firms played in the run-up to the financial crisis

It adds that chairman Lord MacGregor reported that the committee’s “principal recommendation was that the OFT should investigate the audit market in the UK, with a view to a possible referral to the Competition Commission.”

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