Competition and choice in the audit market

There are at least four large accounting networks around the world competing to provide audit services to the largest, most complex organisations. Does this allow for enough competition though? To encourage smaller firms to acquire the expertise and breadth needed to compete with the bigger firms, certain market interventions have been proposed, such as mandatory firm rotation and so-called ‘audit-only’ restrictions on the largest audit networks and joint audits.

Because quality audits of public companies provide investors and other stakeholders with confidence in a company's reported financial information, we believe competition is key to making sure the public interest is continuously well-served.

PwC supports measures that encourage natural competition. However, we believe artificial market interventions like mandatory firm rotation may lead to significant adverse consequences - lower quality, less innovation and reduced efficiency.

Enhancing the quality of financial institution audits

PwC Point of View setting out alternative options to enhance the quality of the audits of financial institutions, including banks

Audit, independence, and integrity

At PwC, independence, objectivity and integrity are at the heart of everything we do. Download this PwC Point of View to learn where we stand on new safeguards and measures to maintain, or regain, public trust.

Audit, independence, regulations, and business services

At PwC, objectivity, quality and integrity are at the heart of everything we do. Download this PwC Point of View to learn where we stand on proposals to limit the scope of services that audit firms can provide.

Audit, the Big Four, and proposals for reform

Download this PwC Point of View to learn where we stand on European Commission proposals to curb the collective reach of the Big Four accounting firms, and on the benefits of scale for a global firm in a global business environment.

Governance, transparency and the audit committee

At PwC, independence, objectivity and integrity are at the heart of everything we do. Download this PwC Point of View to learn where we stand on corporate governance, transparency, and the role of the audit committee.