Big Accounting Firms Oppose U.K. Audit Reform Suggestions

Big U.K. accounting firms oppose many of the measures suggested by the accounting industry to fend off threats to break up the biggest firms, questioning whether the measures would increase competition in an audit market beset by scandals.

The Institute of Chartered Accountants in England and Wales (ICAEW) coordinated the responses of the nine largest accounting firms to the Competition and Markets Authority’s (CMA’s) review of the audit market. The CMA started the review of the country’s audit market following political demands to split up the Big Four—Deloitte LLP, Ernst & Young LLP, KPMG LLP, and PwC.

The ICAEW suggestions ...