LONDON, July 22 Britain's top companies will
have to put their book-keeping work out to tender every five
years to increase choice and ensure audit quality, the country's
competition watchdog said.
The Competition Commission set out on Monday the changes it
plans to introduce in a "sticky" accounting market dominated by
the Big Four: Deloitte, KPMG, PricewaterhouseCoopers and Ernst &
The watchdog said companies could defer putting out their
accounting work to tender by a further two years in exceptional
The watchdog said it has decided against forcing companies
to switch auditor on a regular basis but will give the
accounting sector's regulator, the Financial Reporting Council,
powers to boost competition.
The Competition Commission will put out its plans to public
consultation before issuing final changes to the market later