Turkish competition authority Rekabet Kurumu (RK) has opened a formal investigation into 65 companies active in auditing and financial consultancy.
The companies under investigation include local units of KPMG, PwC, Deloitte and EY.
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In its announcement, the regulator said the inquiry will assess whether companies and sectoral professional organisations have coordinated on the level of service fees or engaged in behaviour that could restrict competition in the labour market.
The authority is reviewing claims that companies may have exchanged information on pricing or client portfolios in a way that could violate competition rules.
It is also examining whether any decisions were taken that might deter new competitors from entering the market or otherwise distort competition.
According to a Reuters report, another focus of the probe will determine whether shared information could undermine employee entitlements or suppress wages.
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By GlobalDataIn a statement, RK said: “Independent audit and certified public accountant services consist one of the main infrastructure elements of the economic system for the transparency, reliability and sustainable growth of financial markets.
“These services have critical importance for enabling investors, lenders, public authorities and other stakeholders to make sound decisions.
“Therefore, establishment of a sound competitive environment in the markets related to the said services is a requirement for not only increasing service quality and keeping prices at rational levels but also guaranteeing the integrity of the financial ecosystem by protecting objectivity and independence principles.”
