Auditor calls for shake up

first_imgTuesday 28 September 2010 11:35 pm GRANT Thornton, the fifth largest audit firm, has urged the government to review the market share held by the big four accounting firms in a bid to reduce threats to the financial markets should one of them fail. In a submission to the House of Lords’ inquiry into auditors, and as reported by the Financial Times, Grant Thornton has said that financial markets would be significantly impacted should either PwC, Deloitte, KPMG or Ernst & Young collapse as they audit the majority of FTSE 100 companies. Grant Thornton, led by chief executive Ed Nusbaum, said in the submission that the collapse of any of the largest accountants was a “tangible rather than a purely academic risk”.The accounting firm has called on the government to establish an oversight body that would implement limits to the number of large UK companies any one firm could audit. It has also said that regulators should suggest to large corporates that they hand more audit work over to the smaller firms. The House of Lords economic affairs select committee is currently investigation the audit profession, including competition concerns over the market dominance held by the big four accounting firms. Show Comments ▼ whatsapp KCS-content Auditor calls for shake up center_img More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To whatsapp Sharelast_img

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