Big Four audit firms respond to U.K. Competition Commission report

The Big Four audit firms of PwC, Ernst & Young, KPMG and Deloitte have responded to a report by the U.K. Competition Commission this year that found that a lack of competition in the audit market could lead to lower quality services and higher prices from these audit firms. The Big Four firms say the report's conclusions are "flawed", "unsound" and derived from selective evidence. The firms' responses to the report can be read at the commission's website.

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