Fresh probe for ‘Big Four’ audit firms

AUDITING firms could face a fresh crackdown as MPs launch an inquiry into the “Big Four” today.

Business, Energy and Industrial Strategy Committee chairwoman Rachel Reeves said: “The audit market is broken.”

She will unveil the probe in a speech to the Institute of Chartered Accountants in England and Wales.

The firms PWC, Deloitte, EY and KPMG already face a probe from the Competition and Markets Authority into whether the sector is “competitive enough”.

Fears have been raised over firms’ roles in the run-up to collapses of big names such as BHS and Carillion.