The Big Four accountancy firms, EY, KPMG, Deloitte and PwC have all failed to reach the 90% target for good quality audits, according to the Financial Reporting Council. Meanwhile, only half of a sample of audits conducted by mid-tier firm Grant Thornton in 2017 were rated as good. In an interview with BBC Radio 4’s Today programme, Mr Cameron said that he was “absolutely determined not just to get this right but also to make sure we are doing it properly”. However, Grant Thornton CEO David Dunckley told MPs earlier this year that it was not the role of accountancy firms to detect fraud.
The Big Four accountancy firms, EY, KPMG, Deloitte and PwC have all failed to reach the 90% target for good quality audits, according to the Financial Reporting Council. Meanwhile, only half of a sample of audits conducted by mid-tier firm Grant Thornton in 2017 were rated as good. Accountancy firms have come under fire for failing to spot financial difficulties or fraud at companies that subsequently collapsed, such as Carillion, BHS and Patisserie Valerie. However, Grant Thornton CEO David Dunckley told MPs earlier this year that it was not the role of accountancy firms to detect fraud.