In the spring of 2006, the Financial Reporting Council of the UK has opened a wide consultation on the audit services that focuses on choice and on the risks resulting from the limited number of international audit firms.
In my personal response to the FRC, which was published by Bruegel in its Policy Contribution series, I argue that the current structure of the audit market entails serious problems, and that two sharply different policy approaches, which I call "firm-count" and "open-access", can be envisaged to address them.
Download BruegelPolicyContribution_4.pdf if the above link is not functioning.
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