KPMG is plotting an overhaul of its British business to create an independent audit firm, regardless of any decision by the competition regulator to force a break-up of the Big Four accountants. The plans would mean the business pulling away from Deloitte, EY and PWC, its rivals that have lobbied against enforced structural changes being made to their operations. 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. It could separate its audit division at the start of its next financial year on October 1. The division received £572 million of fees last year and audited 91
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 .