A PYMNTS Company

UK: Accountancy firms plan legal action against regulator

By  |  April 28, 2019

Some of the big accountancy firms are considering seeking a judicial review of the competition watchdog’s recommendations for overhauling the industry in the wake of scandals such as BHS and Carillion.

Several of the big four,  Deloitte, PwC, EY and KPMG, are understood to be taking advice from law firms on whether they could challenge the Competition & Markets Authority’s final report on auditing, which was handed to ministers this month. The government has three months to respond.

The CMA is pushing to enforce joint audits on FTSE 350 companies and to separate firms’ auditing and advisory arms. It has also recommended tighter regulation of companies’ audit committees.

Full Content: The Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.