A group of companies and organizations in the United Kingdom has responded to the Financial Reporting Council's report on constraints in the audit market that have forced most large public companies to rely on one of the Big Four accounting firms for audit services.
The report noted that companies are often pressured by their banks to turn to the Big Four for audit services before a loan is granted. The Association of Corporate Treasurers said in its response to the report, "This should not extend to banks requiring restrictive covenants or contractual terms with respect to the appointment of audit firms unless, after proper consideration, there are demonstrably good reasons for it."
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