, Columnist
No More Auditors, Please
The problem isn't competition. It's conflicts of interest.
This is what a watchdog doesn’t look like.
Photographer: David Williams/BloombergThis article is for subscribers only.
The quality of U.K. company audits is deteriorating in general and at KPMG LLP in particular.
Bean counters are too credulous of the numbers their corporate clients put before them, laments Britain's accountancy watchdog. This is a problem of culture as much as a lack of competition between the Big Four audit firms.