KPMG’s UK head Bill Michael suggests that the audit market needs to change if public trust is to be maintained.
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The head of KPMG in the UK has admitted that the Big Four audit firms are losing public trust and that change will be needed.
However, Bill Michael, UK chairman and senior partner as well as a member of KPMG's global board, said it was not the right time to split audit from advisory services because it would be like "trying to create Frankenstein's monster."
KPMG is under investigation in the UK for audits of the collapsed construction and outsourcing company Carillion.
A review is about to be launched in the UK to examine whether the current model for audit is appropriate for the current business environment.
In May, a parliament
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