Audit and the Competition Commission

Fascinating this week that the Competition Commission should reveal that its examination of the audit market has been delayed and we won't see a report emerge until January of next year. That's potentially another three months. And that's if it's sorted by then.
Naturally the speculating has begun about why this should be the case. One line of thought in the City is that the Competition Commission could be short of evidence of anything and needs more time to grub around. The other line is that it has a lot of evidence, bags of it, is attempting to make sense of it all and is currently being submitted to a heavy lobbying campaigns in the hope of swaying its opinion.
In the meantime the European Commission intends to push ahead with its own reform regardless of where the Competition Commission is. Could be convenient for CC if the EC gets there first to do all the heavy lifting. Certainly take some of the heat off.


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