Warnings over auditor exit

| 28/10/2009

(Guardian): Britain’s financial reporting regulator warns that the exit from the market of one of the big four firms dominating the accountancy profession would cause chaos to businesses throughout the world. The Financial Reporting Council’s chief executive, Paul Boyle said it was conceivable that litigation linked to the banking crisis could force one of KPMG, PricewaterhouseCoopers, Ernst & Young or Deloitte & Touche out of business. Speaking at the publication of an FRC report Boyle said the FRC was concerned about the significant uncertainty and cost which could arise in the event that one or more of the big four audit firms left the market.

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