The UK’s accountancy and auditing regulator - the Financial Reporting Council (FRC) - has announced its principles for operational separation of the audit practices of the Big Four firms by 2024.
The FRC said the separation was aimed at ensuring that audit practices are “focused above all on delivery of high-quality audits in the public interest, and do not rely on persistent cross subsidy from the rest of the firm.”
In announcing the plans, the FRC said its desired outcomes include:
- Audit practice governance prioritises audit quality and protects auditors from influences from the rest of the fir...
