U.K. May Ban Big Four Auditors From Advising Their Clients: FT

The U.K. is mulling a ban against the “big four” accounting firms in providing consulting, remuneration and tax advice to the major private companies they audit, the Financial Times reports, citing the Financial Reporting Council’s Chairman Simon Dingemans.

• The government is considering giving the FRC powers to restrict PwC, Deloitte, KPMG and EY, as well as smaller accounting firms, from providing advice
• FRC is working with the government on “how far to go down this path”
• Under the early-stage plans, private companies of “significant public interest” would have to replace their auditor or completely ...