City Of London
UK Seeks to Rein In Big Four With Revamped Audit Rules
- FRC to be replaced by a powerful new audit regulator
- Dominance of accounting giants targeted in UK reforms
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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.