KPMG plans to establish an independent audit firm 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 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. The plan would involve the audit division, which generated £572m ($747m) in fees last year, either becoming a standalone company or a subsidiary of KPMG. In its latest annual report, KPMG, one of Britain's biggest accounting firms, said it was "considering all options" for breaking up.
KPMG plans to establish an independent audit firm 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 involve the audit division, which generated £572m ($747m) in fees last year, either becoming a standalone company or a subsidiary of KPMG. In its latest annual report, KPMG, one of Britain's biggest accounting firms, said it was "considering all options" for breaking up.