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Split ‘Big Four’ audit function from consultancy services, say MPs

A report published today by Parliament confirms that the Competition and Markets Authority (CMA) should aim for the full structural break-up of the ‘Big Four’ firms into audit and non-audit businesses, say the Business, Energy and Industrial Strategy (BEIS) Committee.

The report endorses the CMA’s proposed operational split between audit and non-audit but argues that going further with a structural break-up would prove more effective in tackling conflicts of interest and providing the professional scepticism needed to deliver high-quality audits.