“We welcome a Competition Commission inquiry to bring to a head the long running arguments and discussions over the structure of the UK audit market.
“We look forward to a thorough process of gathering the data and doing the analysis before reaching any conclusions on the need for market intervention. We agree with the OFT, in particular, that this analysis should provide important input to the European legislative process.
“KPMG believes that there is already effective competition and pricing in the UK audit market.
“We support progressive change that upholds or enhances audit quality and keeps the UK professional services community in its world leading position.
“KPMG looks forward to cooperating fully with the Competition Commission throughout its inquiry.”
Media enquiries to:
Gavin Houlgate, Head of Corporate Communications, KPMG 020 7694 3902
Mark Hamilton, Corporate Communications, KPMG 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.