The impact of the FRC’s Big Four audit regulations

Andrew Tate, a partner at Kreston Reeves, discusses the Big Four’s strategies to ‘operationally separate’ their audit practices from the rest of their businesses, and the impact this will have on the wider sector


February saw the Financial Reporting Council (FRC) release an update on the “operational separation” of the Big Four’s audit practices. KPMG, Deloitte, PwC, and EY had all submitted their separation plans by 23 October 2020, which have now been reviewed by the regulator and progressed onto the next stage of implementation. 

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