"More competition would enhance audit quality and foster the growth agenda. It would bring much needed innovation in audit reporting, improve client service and lead to more distinctive service offerings. It is a basic economic principle that improved competition leads to a healthier market and a better deal for clients. It is now time for those resisting change to justify their position.'

In PwC's defence, Sexton said its market position reflected "many years of investment across our network infrastructure, tools and methodologies, people and capabilities all of which has been necessary to meet the demands of global businesses and regulators".

CFOs are concerned that any changes to the audit market could impair audit quality, add costs and complexity or impede UK competitiveness particularly in current economic climate.