Many may have noted that over the weekend it was reported that:
The government has called for a comprehensive review of Britain’s auditing industry in what could herald huge changes to a sector dominated by the firms known as the big four.
According to the Guardian:
The business secretary, Greg Clark, said it was “right to learn the lessons and apply them without delay” as he ordered the inquiry into competition within the industry where Deloitte, PwC, Ernst & Young and KPMG audit 98% of the UK’s largest listed companies.
The review will be led by Andrew Tyrie, the head of the Competition and Markets Authority.“The CMA has been considering for some time how best to contribute to the work being carried out to improve audit,” he said. A CMA spokesperson added: “We’re actively considering what next steps are needed.”
I am, of course, delighted. But, as usual, I know that this happened because of the work of a few campaigners. I have played a small part. But I take my hat off to Prem Sikka, Tim Bush, Aul Shah, Paul Moore and Brian Little who have done much more. I know that countless emails have flowed; massive effort has been expended and considerable thought has gone into winning this review.
Now we have to hope it lives up to expectation.