The Financial Reporting Council (FRC) is asking the so-called Big Four – KPMG, Deloitte, PricewaterhouseCoopers LLC (PwC) and Ernst & Young (EY) – to agree to operational separation to ensure audit practices don’t rely on “persistent cross-subsidy from the rest of the firm, ” it said in an emailed statement.
LONDON: The UK’s dominant accounting firms must separate their audit units from their other operations by June 2024 as the country’s industry watchdog reacts to shortcomings that led to the collapse of several companies.
The Financial Reporting Council (FRC) is asking the so-called Big Four – KPMG, Deloitte, PricewaterhouseCoopers LLC (PwC) and Ernst & Young (EY) – to agree to operational separation to ensure audit practices don’t rely on “persistent cross-subsidy from the rest of the firm, ” it said in an emailed statement.
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