Carillion triggers Big Four break-up call

MPs are calling for an urgent competition review into the statutory audit market, citing concerns over the lack of competitive tenders, dominance of the Big Four audit firms and an absence of independent scrutiny.

Following the collapse of Carillion, MPs on the joint Department for Business, Energy and Industrial Strategy (BEIS) and Work and Pensions Committee have slated the Big Four firms and are calling on government to refer the statutory audit market to the Competition and Markets Authority (CMA), which would be the second time UK auditors have faced a major competition probe since the crash in 2008.