The Big Four accounting firms will have to put their United Kingdom auditing and consulting practices in separate business units by 2024, but may keep them within the same parent companies, under regulations announced today by the Financial Reporting Council. The measures by the U.K.’s...
The Financial Reporting Council (FRC), the U.K.’s audit regulator, announced plans this week to break up the dominance of the largest four accounting firms, Deloitte, EY, KPMG and PwC, according to the Financial Times. The regulator issued letters to those firms, known as the Big...
The U.K.’s Big Four corporate accountancy and auditing firms — Deloitte, PwC, KPMG and EY — saw nearly three times as many fines last year as they did in 2017, according to the Financial Times. The publication reported Wednesday (July 31) that the Big Four...
All of the U.K.’s so-called Big Four accountancy firms — KPMG, PwC, EY and Deloitte — have reportedly failed to reach audit quality standards set by the Financial Reporting Council, Reuters reported this week. It marks the second year in a row that the Big...
September 05, 2022
Revolut is being pressured to improve its internal controls for financial reporting, after the U.K.’s Financial Reporting Council said the FinTech’s audits were flawed and had a high risk of “misstatement,” the Financial Times reported Monday (Sept. 5). The payments group had several key personnel losses in its risk and compliance teams in the past few […]
August 08, 2018
The U.K. government heard calls this week to break up its Financial Reporting Council (FRC), separating the body’s audit watchdog and corporate governance roles into two regulators, reports in City...
