LONDON Oct 15 Britain's top 350 companies must
put out their book-keeping work to tender at least once a decade
to increase competition in a market dominated by just four big
The Competition Commission published its final report on
Tuesday following a probe into Britain's audit market but rowed
back on an earlier draft recommendation that would force
companies to re-tender their audit work every five years.
The watchdog had faced opposition from companies and the
accounting sector's regulator, the Financial Reporting Council,
who has just introduced a rule requiring firms to consider
retendering at least once a decade.
The so-called Big Four accountants, KPMG, PwC, EY and
Deloitte check the books of most blue chips across the world.
Many top firms have kept the same accountant for decades.