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Deloitte comments on the Competition Commission’s provisional findings

22 February 2013

David Barnes, managing partner, Deloitte UK head of public policy, commented:

"Following today's announcement, we will continue to work with the Competition Commission to ensure any remedies are appropriate and best serve the interests of the market and shareholders. In particular, we will support measures that preserve auditor independence and improve audit quality, and strengthen communication between auditors, audit committees and investors. Although we understand why mandatory tendering and rotation have been raised as potential remedies that may help the perception of competition, we are concerned that the importance of continuing to increase audit quality risks being ignored in this debate.

“We feel strongly that the evidence gathered by the Competition Commission is not properly reflected in some of the provisional findings. For example, it is not our experience and we don’t believe the evidence supports the contention that current market conditions have led to unnecessarily higher prices, lower quality or less innovation. We categorically disagree that auditors typically place the interests of management over shareholders."

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About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

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