- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Deloitte and KPMG have gone further than EY and PwC in their comments to the current CMA review of the industry, but it seems unlikely the members of the Big Four won't get on the same page.
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A new report from the U.K.’s Financial Reporting Council says the Big Four increased their combined “total fee income” by 4.7 percent—even amid a year fraught with accounting scandal.
Noting that a number of U.S. headquartered banks are due to rotate their U.K. subsidiary auditor soon, the FRC said this would result in the group auditor in the U.S., which is not required to rotate, being different from the U.K. subsidiary auditor. What then?
The audit market is facing serious scrutiny from the U.K. Competition and Markets Authority, which hopes to carve out external audit from consulting, impose a “joint audit” regime, and increase audit committee chair accountability.
