UK: Grant Thornton argues for limit on auditors' market share

The House of Lords Economic Affairs Committee is currently undertaking an investigation into the role of auditors and concentration in the audit market: see here. In this regard, today's Financial Times newspaper reports - see here - that Grant Thornton, in its submission to the Committee, has called for a limit to be set on UK auditors' market share in order to reduce the dominance of the "Big Four" firms (Deloitte, PwC, KPMG and Ernst & Young). According to the newspaper's report, Grant Thornton, the fifth largest UK audit firm, has called for "an oversight body that would place limits on how many listed companies any one firm could audit in the UK".