CONTENTS
Terms of Reference
Abstract
Chapter 1: Introduction
Chapter 2: Concentration in the audit market
The large-firm audit market in the United Kingdom
Why did the Big Four become so dominant?
Does market concentration limit competition and choice?
What if Big Four became Big Three?
Chapter 3: Changes to the Legislative/Regulatory Framework Governing Audit
What has been done to increase competition?
Possible measures
Should audit remain mandatory?
Should auditors give broader assurance?
Should auditors do less non-audit work and internal audit?
Big Four to Big Three?
Referral to the Office of Fair Trading
Chapter 4: The Legal/Regulatory Framework
Current regulatory structure
Changes to the regulatory structure
Chapter 5: The Impact of International Financial Reporting Standards (IFRS)
IFRS and banks
Chapter 6: Bank audits and the financial crisis
Dialogue between bank auditors and supervisors
Chapter 7: Conclusions and Recommendations
Appendix 1: Economic Affairs Committee
Appendix 2: List of Witnesses
Appendix 3: List of measures raised in evidence to improve choice, competition and quality in the audit market
Appendix 4: Letter from Mr Andrew Bailey, Executive Director and Chief Cashier, Banking Services, Bank of England
Appendix 5: Supplementary memorandum by the Office of Fair Trading
Appendix 6: Letter from The Rt Hon Lord Tebbit CH
Appendix 7: Letter from The Lord Flight
The Report of the Committee is published in Volume
I (HL Paper 119-I). Evidence taken at or in connection with a
public hearing is printed in Volume II (HL Paper 119-II). Other
evidence is published online at www.parliament.uk/hleconomicaffairs
and available for inspection at the Parliamentary Archives (020
7219 5314)
Oral and written evidence - HL 119-II
12 October 2010
19 October 2010
26 October 2010
2 November 2010
9 November 2010
23 November 2010
7 December 2010
14 December 2010
11 January 2011
18 January 2011
25 January 2011
References in footnotes to the Report are as follows:
Q refers to a question in oral evidence;
ADT 1 refers to written evidence as listed in
Appendix 2
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