Business
The big four auditors are really just the big three – The Australian Financial Review
PwC, EY and KPMG have earned almost 94 per cent of the audit fees from ASX-200 companies, fuelling ASIC’s concerns about a lack of competition in the sector.
The continuing parliamentary inquiry into audit quality in Australia has looked at “the level and effectiveness of competition in audit and related consulting services” and has recommended that any company that has had the same auditor for more than a decade be forced to put its audit out to public tender by 2022.
Professor Gow said forcing companies to change their auditor might not lead to improved quality if the work was merely rotated among just three firms.
“The idea of rotation is often …
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