UK Seeks to Rein In Big Four With Revamped Audit Rules (2)

The UK will bring in sweeping audit reforms aimed at reining in the dominance of the Big Four accountancy firms and cleaning up the industry following a string of high-profile scandals.

The government said Tuesday that it will replace the Financial Reporting Council with a new watchdog that will be given tougher enforcement powers and be funded by an industry levy.

The widely awaited overhaul comes after lawmakers and practitioners promised to improve audit quality following a series of high-profile missteps such the collapse of Carillion Plc in 2018 and the BHS Ltd. failure in 2016. All of the major ...