UK’s ‘Big Four’ told to separate audit practices
Major shake-up of accounting firms comes in wake of the Wirecard scandal
The UK has launched a major initiative to separate audit practices from other parts of the ‘Big Four’ accounting firms, after a string of scandals.
Deloitte, EY, KPMG and PwC will have to submit plans by October on how they intend to achieve “operational separation” of their audit business from other parts of the company, the Financial Reporting Council said today (July 6).
Thereafter, the Big Four will be expected to complete the separation by June 2024 at the latest, though the regulator
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