01 Nov 2018
The “cosily competitive” Big Four accounting firms, who check the books of 97 percent of Britain’s 350 largest companies, need stronger rivals to avoid becoming too-big-to-fail, officials and investors told a UK competition inquiry into auditing.
EY, KPMG, Deloitte and PwC have come under intense scrutiny in Britain for failing to spot impending company collapses, and for juggling audits and more lucrative non-audit work for the same clients.
The Competition and Markets Authority (CMA) has launched a fast-track review of the audit sector, saying all options are on the table after calls from members of parliament to break up the Big Four.
– By Huw, Reuters, 31 October 2018.
Link to Reuters.
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