Choice of bank auditors.11 Jul 2018 19:24
More flack for the 'big four' let's face it they've made some boo boos of late, its a cartel they've got it sewn up between em.
The Bank of England said on Wednesday there is too little choice of auditor for big banks who must switch book-keepers under European Union rules.
Listed firms are required to "rotate" auditors at least every two decades to ensure there is a fresh and sceptical pair of eyes examining their books and challenging management.
The audit sector is dominated by the Big Four: PwC, KPMG, EY and Deloitte. Their nearest rivals, such as Grant Thornton and BDO, are much smaller, meaning that auditing a large bankwith many subsidiaries across the global is more of a challenge.
BoE Deputy Governor Sam Woods said he has "an issue with the ever more concentrated pool of large auditors" able to audit large firms that must meet the rotation requirements in Britain.