Britain's 'Big Four' accounting firms should be broken up to impr...
LONDON - Britain’s “Big Four” accounting firms should be broken up to improve standards and transparency in book-keeping after audit failures at construction company Carillion and retailer BHS, British lawmakers said on Tuesday.
The CMA published interim proposals last December to require a less draconian operational separation of auditing and more lucrative consultancy to avoid the former being cross-subsidized and prioritized by the latter.The report seeks to keep up reform momentum after past attempts to end the so-called Big Four’s dominance of book-keeping made little headway.
“If not, we recommend that the CMA then move to implement a full structural break-up of the Big Four into audit and non-audit businesses in the UK,” the report said.Deloitte said a structural split would harm audit quality, and could materially damage Britain’s competitive position as a leading capital market. The “Big Four” are global but the reforms could only apply in Britain.
The CMA kept market caps in reserve despite proposals last year from the top four accounting firms to help challengers get the experience to audit bigger customers.
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