Financial Accounting News

Big U.K. Firms Support Banning Consulting for Audit Clients

Nov. 12, 2018, 9:05 AM

Deloitte LLP, PricewaterhouseCoopers LLP, and KPMG LLP support a ban on doing consulting work for their audit clients, as more firms offer genuine concessions to fend off political pressure to split them up.

U.K. politicians have been scathing after a string of accounting scandals about the skewed incentives for auditors when paid by their audit clients for doing lucrative consulting work.

In its response to the Competition & Markets Authority’s review of the U.K. audit market, Deloitte said it supported “a ban on non-audit services provided to FTSE 350 and large unlisted public interest entity audit clients, which seeks to...

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