United Kingdom: UK’s Big Four auditors await shake-up as corruption probes add up

Britain’s audit sector, dominated by the so-called Big Four accountancy giants, is shortly expected to discover how it must reinvent itself amid a series of probes into alleged corruption, including one linked to the collapse of German electronic payments group Wirecard.

UK authorities want the industry to separate audit and consulting activities, while increasing oversight and competition following allegations of malpractice by Britain’s Big Four — comprising accountants Deloitte, EY, KPMG and PwC.

The Department for Business, Energy and Industrial Strategy (BEIS) is reportedly set to publish reform proposals before Christmas amid fraud probes into EY-linked activities at Denmark’s Danske Bank and Wirecard.

The original full article can be found at economictimes.indiatimes.com



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