Deloitte’s response to the issues statement
The Issues Statement published by the Competition Commission (CC) on 7 December 2011 sets out a number of theories of harm and potential adverse effects on competition, which Deloitte believes to be at odds with the realities of the market.
Deloitte’s response uses the assessment of the audit market detailed in the CC’s Issues Statement as an agenda, and proposed alternative arguments for each point raised. It contains five key sections:
- Audit quality
- Pricing and non-audit markets
- The theories of harm set out in the Issues Statement