The UK’s Big Four accountancy firms have refused to back a government scheme that would see them share audit work with smaller firms.
Last month, Deloitte, EY and PwC said they did not support the government’s proposal for “managed shared audits” of large listed companies.
The Financial Times has reported that the other Big Four firm,
All of the
It is thought that this domination of the market has led to the firms becoming “too big to fail”, evidenced perhaps by some high-profile mishaps in recent years.
The quality of work has been criticised as well as the decisions to sign off on the accounts of firms Carillion and
The shared audit plan aims to help smaller firms build up their capacity and so they can compete.
“However, we have previously offered to participate in a pilot and remain committed to help find solutions to these challenges,” she said.
Three years ago, plans to limit the Big Four to auditing 80 per cent of the
PwC, which has more
“We’re up for change but I think it’s got to be change we can identify as a quality improvement,”
“I’m not sure that the corporates in the
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