KPMG notes the provisional decision of the Office of Fair Trading to refer the market for statutory audit services to large companies to the Competition Commission. We have had a constructive dialogue to date with the OFT and look forward to continuing that with the Competition Commission in the event that the decision is confirmed.
KPMG believes that there is already effective competition and pricing in the UK audit market. We support a level playing field for all parties, and market-based – not regulatory – intervention.
We also support calls for progressive and practical change which have the objective of upholding or enhancing audit quality. This in our view must remain paramount.
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Mark Hamilton, KPMG Corporate Communications 020 7694 2687
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with nearly 11,000 partners and staff. The UK firm recorded a turnover of £1.6 billion in the year ended September 2010. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 150 countries and have more than 138,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.