OFT announcement on the audit market: comment from David Herbinet, Mazars
David Herbinet, head of public interest markets at Mazars comments on today's announcement by the Office of Fair Trading on the audit market.
Commenting on today's announcement by the Office of Fair Trading, David Herbinet, head of public interest markets at Mazars says:
"As a firm that has championed the opening up of the market for almost a decade, we welcome today's announcement. The profession as a whole should support the OFT's decision: the creation of a more open and vibrant market would increase innovation and better serve the long -term needs of listed companies, their shareholders and the wider public interest.
The OFT has identified key issues which need addressing. Winning broad acceptance for change in such an ossified market will understandably take a little time. A number of workable remedies do, however, exist. Firms and stakeholders must now work constructively together so we can move from discussion to action."
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Mazars is an international firm specialising in audit, tax and advisory services that operates as an integrated partnership in 56 countries worldwide.
In the UK, Mazars is the ninth largest partnership in terms of audit fee income and employs over 1100 people, including more than 100 partners, in 18 offices throughout the country. In February 2010 the firm was placed first in the inaugural Accountancy Age/Financial Director audit satisfaction survey. In 2008, the firm was named ‘Large Firm of the Year’ at the Accountancy Age Awards.
In the Asia-Pacific region Mazars has 24 offices in 13 countries with over 2000 highly skilled and dedicated professionals, including more than 60 partners (local and international). serving a wide range and multi sector clients consisting of large international groups, large local companies as well as bilateral and multilateral aid agencies.
Mazars is a founding member of Praxity, a worldwide alliance of independent accounting firms.