UK watchdog orders ringfencing of Big Four audit business

Britain’s “Big Four” accounting firms must ringfence auditing from their consultancy work, the country’s competition watchdog said on Thursday in a response to book-keeping failures such as at construction company Carillion and retailer BHS.

“Auditors should focus exclusively on producing the most challenging and objective audits, rather than being influenced by their much larger consultancy businesses,” the Competition and Markets Authority (CMA) said.

Read more at Reuters.