Parliament Website

Choice In The UK Audit Market

EDM number 2550 in 2005-06, proposed by Austin Mitchell on 12/07/2006.

That this House welcomes the publication of the Financial Reporting Council's recent discussion paper Choice in the UK Audit Market; recognises the valuable role that auditors play in ensuring confidence in corporate reporting and governance, helping to protect and enhance the UK's economic strength in competitive international markets; notes that the big four audit firms, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers supply audit services to most large companies, including 99 per cent. of the FTSE 100 and 97 per cent. of the FTSE 250; believes that the monopoly of only four companies in this market is anti-competitive, unhealthy and promotes complacency within the industry, all of which could affect audit quality and increase the risk of corporate wrongdoing going unchecked; urges the Government to consider structural reform to set the highest possible standards of accountability and transparency; and calls upon the Government to initiate an urgent debate about how to break up this monopoly and to ensure that the public interest is better served by a fairer, more competitive and more open audit market.

This motion has been signed by a total of 20 MPs.

MPDateConstituencyPartyType
Austin Mitchell12/07/2006Great GrimsbyLabourProposed
David Taylor13/07/2006North West LeicestershireLabourSeconded
Ann Cryer13/07/2006KeighleyLabourSeconded
Bob Spink13/07/2006Castle PointConservativeSeconded
Peter Bottomley13/07/2006Worthing WestConservativeSeconded
Iris Robinson13/07/2006StrangfordDUPSeconded
Lynne Jones13/07/2006Birmingham, Selly OakLabourSigned
Derek Conway13/07/2006Old Bexley & SidcupConservativeSigned
Andrew Dismore13/07/2006HendonLabourSigned
David Drew13/07/2006StroudLabourSigned
Vincent Cable14/07/2006TwickenhamLiberal DemocratSigned
Sammy Wilson20/07/2006East AntrimDUPSigned
Clive Efford24/07/2006ElthamLabourSigned
Sarah McCarthy-Fry24/07/2006Portsmouth NorthLabourSigned
David Simpson25/07/2006Upper BannDUPSigned
Adam Price09/10/2006Carmarthen East and DinefwrPlaid CymruSigned
Bill Etherington09/10/2006Sunderland NorthLabourSigned
Julia Goldsworthy09/10/2006Falmouth and CamborneLiberal DemocratSigned
Alan Simpson12/10/2006Nottingham SouthLabourSigned
Brian Jenkins19/10/2006TamworthLabourSigned

Download raw data as csv or xml.