KPMG plans to create an independent audit division in the UK . The move would preempt efforts by the Competition and Markets Authority ( CMA ) to break up the ' Big Four ' accountancy firms following a series of scandals . The plan would see the audit division , which lost £ 572 m ( $ 747 m ) in the last year , either becoming a standalone company or a subsidiary of KPMG . KPMG, whose turnover in the UK was £2.3 billion last year, is trying to save its reputation after the collapse of Carillion, the outsourcing firm that was its audit client, and scandals in South Africa and America. Reports suggest no final decision has been made on the move , which would come into effect at the start of the next financial year on 1 October .
KPMG plans to create an independent audit division in the UK . The move would preempt efforts by the Competition and Markets Authority ( CMA ) to break up the ' Big Four ' accountancy firms following a series of scandals . The plan would see the audit division , which lost £ 572 m ( $ 747 m ) in the last year , either becoming a standalone company or a subsidiary of KPMG . Reports suggest no final decision has been made on the move , which would come into effect at the start of the next financial year on 1 October .