Auditors’ £160m legal pot

THE Big Four accountants have set aside more than £160m as they brace for a barrage of fines and legal battles in the coming year.

The move by KPMG, PwC, Deloitte and EY follows the collapse of several highprofile businesses, including Thomas Cook and Carillion, with auditors under fire for failing to raise the alarm. It has prompted a tougher line from the Financial Reporting Council (FRC), which issued £43m in fines during the year to April, up from £15.5m the previous year.

According to the Financial Times, KPMG has put aside £ 73m, £ 50m by Deloitte, £22m by PwC and £17m by EY.