Big Four Face Major Audit Shake-Up In Watchdog's Reforms
Law360, London (December 18, 2018, 11:40 AM GMT) -- The U.K.’s antitrust enforcer proposed radical new laws on Tuesday to break auditing services away from consultancy work at the Big Four global accounting companies, in a drive to tackle "deep-seated problems" and concerns about conflicts of interest.
The watchdog is proposing that the 350 biggest companies on the London Stock Exchange should be made to use two separate auditors, including one other than the Big Four. (AP) The Competition and Markets Authority said it also wants regulators to scrutinize the way in which companies appoint auditors so that they choose the most challenging firm to check their books — rather...
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