UK Watchdog Approves 'Big Four' Audit Separation Plans

Law360, London (February 23, 2021, 3:53 PM GMT) -- The Financial Reporting Council said on Tuesday that it has approved plans handed over by Britain's "Big Four" accounting companies to split up their audit practices after a string of reporting scandals prompted regulatory scrutiny.

The accounting watchdog said it has approved reforms set out by PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young to separate their audit and consultancy practices by June 2024. The FRC called on the companies to submit their plans by October so it could decide whether the changes would help stamp out conflicts of interest in the sector.

The reforms include measures such as setting up a...

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