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The OECD holds a roundtable on competition and regulation in auditing and related professions

Executive summary, by the Secretariat In light of the written submissions, the background note and the oral discussion, the following points emerge: (1) Market developments In the late 1980s there were eight major accounting firms that provided few services other than auditing. Since 2003 there have been only four firms that audit the far majority of large public companies and that derive significant portions of income from non-auditing services. Reasons for this consolidation are related to the characteristics of the profession (accounting firms need to be big in order to compete), but also include litigation risks, insurance costs and conflict of interest rules. In twenty years, half of the Big Eight accounting firms have disappeared from the market, as a result of a series of

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  • OECD - Competition Division

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OECD, The OECD holds a roundtable on competition and regulation in auditing and related professions, 1 January 2009, e-Competitions Bulletin January 2009, Art. N° 85658

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