Big 4 accounting companies might be damaged up by Labour get together – FT

(Reuters) – The “big four” accounting companies might be damaged up underneath plans by UK’s Labour Party to overtake the auditing trade, Britain’s shadow chancellor John McDonnell informed The Financial Times on Friday.

Britain’s shadow Chancellor of the Exchequer John McDonnell arrives on the BBC in London, November 19, 2017. REUTERS/Mary Turner

Lawmakers have accused EY, KPMG, Deloitte and PwC of being an “oligopoly” that checks the books of practically all of the 350 main corporations in Britain, with smaller rivals barely taking a look in.

Options into account by Labour included breaking apart the businesses, or setting a most audit market share for every agency, McDonnell was quoted as saying by the newspaper right here

Reporting by Manas Mishra in Bengaluru; Editing by Gopakumar Warrier

Our Standards:The Thomson Reuters Trust Principles.

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