Mazars says Competition Enquiry is in the public interest
Mazars, Europe's eighth largest audit and accountancy group which audits almost 300 companies with a listing on European capital markets, has welcomed today's announcement by the Office of Fair trading that it is to refer the audit market for large companies to the Competition Commission.
- Mazars welcomes announcement of Competition Enquiry
- More competition would enhance audit quality and bring innovation in auditing
- A more open and vibrant market will better serve UK Plc and bolster the Growth agenda
David Herbinet, London managing partner of Mazars said: ‘An independent inquiry into the degree of competition in the audit market for large companies is necessary in the public interest. We need a much more open vibrant market. This would better serve the twenty-first century needs of UK Plc, its shareholders and wider society. More competition would enhance audit quality and foster the growth agenda. It would bring much needed innovation in audit reporting, improve client service and lead to more distinctive service offerings. It is a basic economic principle that improved competition leads to a healthier market and a better deal for clients. It is now time for those resisting change to justify their position.'
David Herbinet went on to say ' It is essential that London, as one of the world's leading capital markets, has a thriving audit market and is properly protected against one of the dominant players leaving the market unexpectedly. We are pleased also to see this referral is made in the context of the wider European agenda. UK Plc is a major player on the international scene and a level playing field at least across the European Union is required with an increased number of quality players on the pitch with size no longer being taken as a proxy for quality.'
For more information, please contact:
Alex Brown, Weber Shandwick
020 7067 0732 / 07812 590 682
Anthony Carey, Mazars
020 7063 4000
Christian Ball, Mazars
020 7063 4547
About Mazars LLP
Mazars is an international, integrated and independent organisation, specialising in audit, accountancy, tax, legal and advisory services. As of 1st January 2011, Mazars has its own offices in 61 countries, across five continents, with nearly 13,000 professionals. Through its correspondent agreements, joint ventures and representation offices, Mazars can operate in 21 additional countries and provide its clients with professional teams, who all share the same commitment to quality and a common determination to maintain the highest technical and ethical standards. Mazars’ always expanding portfolio of services reflects the Group’s ambition: to provide its clients, whether international corporates, SMEs or individuals, with tailored and global solutions to help them achieve sustainable growth.