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Apr 2, 2019

Business News | Big Four audit giants must be broken up, MPs demand

Lucy Burton, banking editor 2 April 2019 

MPs have called for the Big Four audit giants to be broken up to stop them "milking the cash-cow" of their consultancy arms and restore confidence in the scandal-hit sector.
The Business Select Committee has urged the competition watchdog to conduct a "full structural break-up" of Deloitte, PwC, KPMG and EY, which together audit almost all FTSE 100 companies and 97pc of the FTSE 250. The MPs said change must "not wait for the next corporate collapse".
The high-profile collapse of construction giant Carillion raised serious questions about the oligopoly of the audit market, as did the audit of BHS, which folded a year after PwC rubberstamped its accounts, and the recent accounting black hole...

Source: The Telegraph

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