Financial Accounting News

Grant Thornton Proposes Independent Selector of Auditors in U.K.

Sept. 13, 2018, 5:04 PM

Grant Thornton LLP wants an independent body to select auditors for the largest publicly traded companies in the U.K., a proposal that its rival accounting firms are resisting.

Jon Roberts, Grant Thornton’s head of assurance, told Bloomberg Tax that creating a new body to choose auditors for listed companies would be the most effective way to head off political complaints about the lack of competition for large company audits, which are dominated by a few big accounting firms.

Roberts accepted that the idea would be opposed by both the bigger accounting firms and by the large companies themselves, who...

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