Deloitte’s UK audit operations to have standalone board to meet regulatory requirements aimed at improving industry standards

Deloitte’s UK audit operations will have a standalone board from January to meet regulatory requirements aimed at improving industry standards after a string of company failures. 

Failures: Deloitte, KPMG, PwC and EY have been told to submit plans to ring-fence their UK audit arms

Failures: Deloitte, KPMG, PwC and EY have been told to submit plans to ring-fence their UK audit arms

Deloitte, KPMG, PwC and EY, the world’s ‘Big Four’ accounting firms, have been told by regulator, the Financial Reporting Council (FRC), to submit plans by October 23 to ring-fence their UK audit arms. 

The separation is to make them focus better on their work, be more challenging towards clients, and avoid conflicts of interest with consultancy work.

source: dailymail.co.uk

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