The Government has published its response to the House of Lords Select Committee on Economic Affairs report on concentration in the audit market and the role of auditors. On 30 March 2011, the House of Lords Select Committee called on the Office of Fair Trading (“OFT”) to investigate the audit market, with a view to a market investigation reference by the Competition Commission so that issues surrounding concentration, competition and choice can be examined in depth. In evidence to the Committee, the OFT acknowledged that competition in the market for audit services to large companies may be limited. Read more