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UK: ‘Big Four’ auditor reappointed after policy changes

By  |  May 28, 2013
UK: ‘Big Four’ auditor reappointed after policy changes

In the wake of new policies initiated by the Financial Reporting Council, PWC, one of the so-called ‘Big Four’ auditors that dominate the market in the UK, has been reassigned to the British Standards Institute. The assignment was the result of a competitive tender by the company and is believed to be the first auditing shakeup in two decades. The FTC introduced the policy changes last year, which require that FTSE 350 companies change auditors every ten years, or justify why they do not. The Competition Commission is currently looking at the auditing market and considering similar mandated switch-ups for larger companies; the European Parliament voted last month to require auditor changes every 14 years.

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