Last month when PwC filed a paper with the UK's Competition Commission that contradicted the notion "that the audit market is static and uncompetitive," a Grant Thornton partner damn near soiled himself. Recently, there has been a development that James Chalmers, PwC's head of Assurance in the UK, would like to call attention to:
Gas exploration group BG has chosen Ernst & Young as its new auditors, after 16 years with PwC. BG, formed in the demerger of British Gas in 1996, will see E&Y take on the audit role from the start of its 2013 financial year. […] In response to losing the BG contract, James Chalmers, PwC's UK head of assurance said: "We operate in a fiercely competitive market where all participants win and lose audits. We are committed to delivering high quality audits for the benefit of our clients and their shareholders."
Any remaining skeptics?
BG Group chooses Ernst & Young over PwC for audit [Accountancy Age]
