KPMG plans to establish an independent audit firm in the America . 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 £ $747m m ( 572 ) in fees 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 last year on the next financial year .
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. 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.