Skip to the page Primary Navigation Skip to the page content Skip to page Footer
The OFT closed on 31 March 2014 and this website is no longer being updated. The OFT's work and responsibilities have passed to a number of different bodies. Read more.

Press releases 2002 -

OFT to keep accountancy and audit market under review

PN 79/02     22 November 2002

The OFT is to keep the accountancy and audit market under review, with the possibility of further action in the future, rather than make a reference now to the Competition Commission (CC) or launch its own market investigation. It has published a statement (pdf file, 60kb) outlining the reasons for the decision.

The OFT considered whether a market investigation or CC referral was appropriate to address competition concerns following the Enron affair and subsequent collapse of Andersen. The OFT recognises these concerns. However, the market structure is currently changing, the acquisition by Deloitte & Touche of Andersen UK was recently reviewed and cleared by the European competition authorities, and the market is already the subject of various reviews. The OFT therefore considers that now is not the time for a further investigation or CC referral.

The OFT will keep the market under review and will advise on any competition implications arising from any proposals for regulatory reform.

Back to: Press releases

Public enquiries

08457 22 44 99

Media enquiries

Russell Guthrie
020 7211 8899

Michael Rosen
020 7211 8133

out of hours mobile
(media only)
077 7413 4814

Recently viewed pages

This feature requires Javascript and Cookies to be enabled on your browser

Email alerts

Register for email alerts or amend your existing account details here.