PwC, Deloitte, KPMG and EY should ring fence auditing as a separate business by June 2024 to improve the quality of auditing, Britain's accounting ...
PwC, Deloitte, KPMG and EY should ring fence auditing as a separate business by June 2024 to improve the quality of auditing, Britain's accounting watchdog said on Monday.
FILE PHOTO: The logo of Price Waterhouse Coopers is seen at its Berlin office in Berlin, Germany, September 20, 2019. REUTERS/Wolfgang RattayShare this contentLONDON: PwC, Deloitte, KPMG and EY should ring fence auditing as a separate business by June 2024 to improve the quality of auditing, Britain's accounting watchdog said on Monday.
Corporate failures at builder Carillion and retailer BHS led to three government-backed reviews that recommended a shake-up of auditing, but the government has yet to introduce legislation to mandate change, partly due to Brexit and more recently, the COVID-19 pandemic.
An implementation plan should be submitted to the FRC by October 23 for implementation by June 30, 2024 at the latest, the regulator said.
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