- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The audit market is facing serious scrutiny from the U.K. Competition and Markets Authority, which hopes to carve out external audit from consulting, impose a “joint audit” regime, and increase audit committee chair accountability.
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The FRC hopes its demand that the Big Four isolate their audit units from their other businesses by 2024 will improve their ethical behavior … but some are skeptical.
The U.K. Financial Reporting Council penned a letter to the Big Four outlining expectations for how the auditors should go about separating their audit work from their consultancy business.
The Big Four’s dominance of the U.K. audit market has grown even further in the past year, according to the Financial Reporting Council’s latest report.
