The UK’s accounting watchdog has promised a tougher approach to monitoring the six largest audit firms, following a series of high-profile corporate failures that has undermined confidence in the Financial Reporting Council.
The FRC said it would start vetting the suitability of senior appointments at KPMG, Deloitte, PwC, EY, Grant Thornton and BDO. This will include an assessment of people appointed to non-executive roles, as well as heads of audit and ethics committees.
The aim is to “avoid systemic deficiencies within firms’ networks, disruption in the provision of statutory audit services and instability in the financial sector”, the FRC said.
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