Following a recent consultation, the Office of Fair Trading (‘OFT’) has referred the market for the supply of statutory audit services to large companies in the UK to the Competition Commission for further investigation, amid concerns that the audit market is very concentrated, has low levels of switching and substantial barriers to entry.1 The Competition Commission is required to report by 20 October 2013 although it is likely to do so before then.  

OFT Press Release 115-11 available at: http://www.oft.gov.uk/news-and-updates/press/2011/115-11

Competition Commission News Release 56/11 available at: http://www.competition-commission.org.uk/press_rel/2011/october/pdf/56-11_audit_ref_news_release.pdf