18th June 2010:

Restrictive bank covenants keep the Big Four on top…

… is the headline in an article published by Accountancy Age yesterday commenting on the issue of ‘Big 4 only’ clauses; it is worth reading. www.accountancyage.com/accountancyage/news/2264881/restrictive-bank-covenants-keep

As the article notes:
“The Big Four have long kept quiet on the subject, until last month. In a joint submission, the Big Four – along with the next two largest firms, Grant Thornton and BDO – officially acknowledged, for the first time, the existence of restrictive covenants in the UK.

‘These contractual limitations can distort the market for audit services,’ the firms said in their joint submission to the Organisation for Economic Co-operation and Development.”

We all agree they can distort the market; in my view they do.

 Global Accounting  International BDO  0 Comments June 18th, 2010