Financial Accounting News

Smaller U.K. Accounting Firms Pursue Big Four’s Major Clients

Sept. 20, 2019, 4:08 PM

Mid-sized accounting firms expect to break up the Big Four’s audit dominance of large U.K. companies over the next few years.

Some predict as many as half of the 350 largest public companies in the U.K. will be audited by non-Big Four firms within seven years—a shift driven partly because the larger firms are dropping problematic audit clients that are under heightened regulatory scrutiny. Accounting regulator Financial Reporting Council tripled its fines for bad auditing to $52 million in the year that ended March 31.

This is leading to a much wider choice of auditors for more firms.

“The market...

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