U.K. to Make Companies Tender Their Audits Every 5 Years
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British antitrust regulators said large companies should be required to put their auditing contract out to tender every five years in a move that falls short of proposals from the European Union to spur auditor competition.
The requirement to tender auditing contracts every five years should apply to companies in the FTSE 350 Index, the U.K. Competition Commission said in a statement today as it published its provisional remedies for the industry.