EU looks at audit firms' dominance

[October 13, 2010]  BRUSSELS (AP) -- The EU is examining whether the dominance of four big firms in the auditing of company's financial results contributed to the credit crisis.

In a paper published Tuesday, EU markets commissioner Michel Barnier is questioning whether audit firms can be truly independent if they both review financial statements and work as consultants for the same company.

Barnier says four big firms -- Deloitte, PricewaterhouseCoopers, KPMG and Ernst & Young -- control 70 percent of the European auditing market.

[Associated Press]

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