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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.
Response from the Committee Chairman, Lord MacGregor
Lords say Government must do better
Lord MacGregor of Pulham Market, chairman of the House of Lords Economic Affairs Committee, today responded to the Office of Fair Trading’s announcement
Lords committee report calls for probe into Big Four ‘oligopoly’
Ministers face Lords economics committee
Lord Myners to answer on meetings with auditors
Committee invites written submissions on its new inquiry by 24 September 2010