Anyone have any inside info on the potential break up of the big 4 due to the UK carillion scandal?

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Imagine not having to deal with independence......

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Link?

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Not happening

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US has disgusting amount of restrictions on what consulting services can be provided to audit clients. ‘Conflict’ between the two sides is virtually non-existent from what I’ve seen.

Big issue is multi-year audit contracts, general complacency, and lack of many different options (which includes reverse restrictions where basically, specific consulting firms will refuse to audit a client because they have lucrative consulting projects there that they’ll have to pack up).

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I find it shocking, shocking I tell you that a bunch of newly minted CPAs would constantly fail to properly audit massive firms.

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Also kpmg is having a fantastic year as it relates to audit 😀

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🍿

Regulators are looking at a solution that won’t fix the problem. I doubt it will happen

Pwc1 - that’s what they do!!

This time around don't be surprised if it is the audit divisions that get booted out

@d1 'Conflict' between the two sides is non-existent because it is illegal

Ya D1 what are you smoking? There’s no conflicts because we before we even think about taking on a client to consult/advise we have half a dozen compliance checks to make sure it doesn’t interfere with audit independence. If there is any question that there would be conflict we don’t pursue the engagement.

D2 and EY1 did you even read the article? Fucking consultants man 😂 straight to BS-ing on everything. It says:

‘With conflicts seemingly abounding, and the work of these firms once again under fire, the committees want the Competition & Market Authority to look at a break up that would separate, or at least ring fence, their audit arms from their lucrative consulting businesses. ‘

I was explaining why those laws are enacted in the first place.

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