Graphic by FT. Tyrie demands legislation to tackle conflicts of interest and poor working practices
LONDON: The UK’s competition watchdog called on Thursday for rapid legislation to end the dominance of the Big Four accounting firms and address problems of poor working practices and conflicts of interest in the scandal-hit audit sector.
The Competition and Markets Authority stopped short of demanding a full break-up of Deloitte, EY, KPMG and PwC following strong criticisms of the firms after a series of auditing failures, including of BHS and Carillion.
However, it recommended that the firms split their operations by separating their audit businesses from their consultancy arms.
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Regulator calls for law change to end Big Four dominance of UK auditing
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