Tag: Big Four
MPs call on competition regulator to review audit market post-Carillion
MPs investigating the collapse of Carillion have levelled scathing criticism at the former finance director, the board, auditors and regulators, calling for the referral of Big Four auditors to the Competition and Markets Authority.
Big Four auditors could face £10m fines under new sanctions
Financial watchdog is to implement new sanctions for the UK’s Big Four audit firms following an independent review.
Grant Thornton’s decision throws a cloud over audit market
Grant Thornton’s decision to stop pitching for big audit contracts raises fresh questions about the UK’s audit market.
Regulator seeks audit market probe into Big Four domination
The chief executive of the Financial Reporting Council has begun meetings with the competition regulator to discuss a new investigation of the market for big audit contracts.
Big Four accounting firms face £10m in fines for faulty audits
Report from accounting watchdog proposes lifting the maximum fines for Big Four audit firms to £10m or more in cases involving “seriously poor audit work”.
Investors reveal concern over audit tender exclusions
Watchdog says investors do not want firms shut out of the audit tendering process if they already provide services to a client.
Audit is improving but concerns remain
The Financial Reporting Council survey reveals that audit is improving. But there remain key concerns over Big Four dominance of the market and the ability of smaller firms to keep up with the pace of technological change.