KPMG, Deloitte, PwC and EY ‘stranglehold’ contributing to corporate failures, report says
Britain’s big four accountancy firms should face a full break-up to weaken their “stranglehold” on an audit market discredited by corporate failures including Carillion and BHS, MPs have suggested in a hard-hitting report.
The business, energy and industrial strategy (Beis) committee said the competition watchdog – which is due to release its final recommendations for reform of the audit industry – should consider the break-up of the country’s biggest accountants by separating their audit and consulting arms.
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