PwC comments on Competition Commission's Provisional Decision on Remedies summary

Published at 09:18 AM on 22 July 2013

Commenting on today's announcement by the Competition Commission, James Chalmers, head of assurance at PwC, said:

"This is a significant package of remedies clearly focused on competition, transparency and quality. The proposed halving of the retendering period from the Financial Reporting Council's recently introduced 10 year regime to five years is a significant change which will have a major impact on UK companies. It will be critical to get the transition right in order to manage the cost for businesses and potential market disruption.

"It is positive to see recognition of the importance of the role of the Audit Committee and the effectiveness of tenders, which the Commission recognises are thorough, fair and transparent.

"We have long argued against mandatory rotation because of its adverse effects on competition. After careful and detailed consideration of the evidence and listening to the concerns of the market, the Competition Commission has arrived at the same conclusion."

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