Ensuring conflicts of interest do not occur is a central tenet of audit. Auditors have to be independent and beyond reproach in order to provide reliable assurance and to maintain and grow their firm’s client base.

But audit firms, and the Big Four in particular, face something of a quandary as they seek to grow. As they explore new business and, at times, new service lines, they risk undermining the independence of their auditors and potentially competing against the very businesses they audit or may seek to audit in the future.