Britain's business secretary has been urged to set out the government's plans for possible changes to the existing system for auditing and financial reporting.

So far, the coalition government has yet to comment on auditing, despite Vince Cable and other MPs having expressed their desire to boost levels of competition within this area of the financial services sector in the run-up to the general election.

As such, speaking to the Financial Times, the chairman of PricewaterhouseCoopers (PwC) has called on Mr Cable to make clear the "ground rules" for auditors, and in particular the 'big four' firms within the sector.

"We would like to work with him and talk through some of these issues ... we need to know what the ground rules are, if you like, around audit reporting and his aspirations for the future," he said.

These comments come as the European Union is also looking into levels of competition and choice within the continent's auditing industry.

At the same time, employers have called on Mr Cable not to alter the agreement reached between the CBI and the TUC on the issue of agency workers.