Deloitte's submissions to the Competition Commission
March 2013
- Deloitte’s responses to the CC’s Provisional Findings and Notice of Possible Remedies
Previous submissions, November 2011 to November 2012
- Initial submissions. Deloitte’s initial submission set out our views of the key issues, to help the CC frame its subsequent issues statement. It was submitted in November 2011
- Response to the issues statement. Deloitte’s response used 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 was submitted in January 2012
- Data submission and questionnaire responses. We provided high level information on our business, and answers to a number of questions covering all areas of the enquiry in February 2012. Both sets of information are confidential and not publically available. However we also produced a Summary of the key messages arising from Deloitte’s responses to the questionnaire
- Additional submissions
- Deloitte’s pricing analysis This report investigates the integrity of the econometric analysis undertaken by Oxera and subsequently by the OFT regarding the relationship between audit fees and levels of concentration of the UK market for statutory audit services for large companies.
- Response to the Initial review of relevant academic literature prepared by Professor Vivien Beattie for the CC.
- Responses to working papers
- Characteristics of long audit tenure companies
- Development of the statutory financial audit
- Econometric analysis of audit costs
- Engagement level profitability analysis
- Evidence on switching costs
- Evidence relating to the selection process
- Firms’ stated competitive strategies
- Framework for the CC's assessment and revised theories of harm
- International networks
- Law and regulation
- Liability, insurance and settlements
- Life cycle of FTSE 350 companies
- Nature and strength of competition
- Profitability (parts one and two)
- Reputation and experience
- Restrictions on entry or expansion
- Survey results
- Views of investors and other stakeholders
The CC is open to any informed views on how the market operates. The relevant contact details for the CC are listed on their website.
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