‘Big Four’ auditors face industry probe
The government has ordered a probe into the UK’S auditing industry amid concerns over the “Big Four” accountancy firms’ involvement in a number of business collapses.
Business Secretary Greg Clark said it was “right to learn the lessons and apply them without delay” after scandals including the collapse of construction giant Carillion and former high street stalwart BHS. He has ordered a probe into competition in an industry dominated by the so-called “Big Four” firms: Deloitte, PWC, EY and KPMG.
MP Frank Field, chairman of the Work and Pensions Committee, has said bad business practice had been “waved through by a cosy club of auditors, conflicted at every turn”.