The CMA noted “difficulties with an immediate global structural split”, given the Big Four are international and Britain can only intervene in the UK. The UK's Competition and Markets Authority (CMA) has suggested the Big Four accounting firms—KPMG, PwC, EY and Deloitte—should ringfence their auditing businesses from their consultancy arms. In a report published on Tuesday, it said that while there was no evidence of any wrongdoing by these firms, they were "concerned about the potential for conflicts in relation to audit work with other firms or It is now up to the UK government to implement the watchdog's recommendations, which will be revisited in five years time to assess whether further measures are needed.
The UK's Competition and Markets Authority (CMA) has suggested the Big Four accounting firms—KPMG, PwC, EY and Deloitte—should ringfence their auditing businesses from their consultancy arms. In a report published on Tuesday, it said that while there was no evidence of any wrongdoing by these firms, they were "concerned about the potential for conflicts in relation to audit work with other firms or It is now up to the UK government to implement the watchdog's recommendations, which will be revisited in five years time to assess whether further measures are needed.