Companies in Britain could be forced to switch accountants to break up the cosy relationships between the "Big Four" and their clients, blamed for masking weaknesses exposed by the financial crisis, Reuters reported. The "Big Four" - KPMG, PwC, Ernst & Young and Deloitte - check the books of nearly all listed companies in Britain and around the world, and have often served the same clients for decades. The UK's Competition Commission proposed that companies put out their audit work to tender every five to seven years, and change accounting firms every seven to 14 years - roughly in line with changes being discussed at the European Union level. Investors would also play a role in selecting an auditor, according to plans put forward by the commission, which published preliminary findings from a probe it began in 2011. The industry was put under scrutiny after auditor "complacency" was blamed by UK lawmakers for deepening the financial crisis. The Competition Commission found that 31 percent of the top 100 companies in the UK and a fifth of the next 250 firms had had the same auditor for over 20 years. -- SPA
