- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The last time the U.K.’s Competition and Markets Authority attempted to break up what is widely referred to as an oligopoly of the audit market by the Big Four audit firms—EY, PwC, Deloitte and KPMG—its actions had the opposite effect.
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The FRC hopes its demand that the Big Four isolate their audit units from their other businesses by 2024 will improve their ethical behavior … but some are skeptical.
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?
