E&Y says audit is competitive

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The Independent Online

Steve Varley, the chairman of Ernst & Young's UK arm, has hit back at claims the audit market is anti-competitive, despite the big-four accountant posting huge revenues on the back of winning more clients.

E&Y's full-year revenue in its UK business was £1.6bn, up 11 per cent and the highest for six years, since before the credit crunch and resulting global downturn. Audit work makes up nearly a third of that figure, with new clients including Dyson and the Audit Commission.

The big four accountants – the others being Deloitte, KPMG and PricewaterhouseCoopers – are under scrutiny from the EU and the Competition Commission for their dominance of the audit market.