LORDS

Auditors: market concentration and their role

The Committee decided to hold an inquiry into Auditors: market concentration and their role, which has now concluded.

Audit is dominated globally by the Big Four. The narrow field of choice raises concerns about competition and the quality of audited accounts, and about possible conflict of interest between audit and consulting arms. Questions have also arisen whether auditors could have mitigated the banking crisis of 2008 by alerting investors to the riskiness of the assets held by banks.

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