Calls to break up the Big Four firms may be gaining momentum as MPs bandy around accusations that the major audit firms are ‘acting as a cartel’, all on the back of the failure of the over-stretched outsourcing group Carillion.

While it is easy to target the auditors, the reality is that the collapse of Carillion is merely a catalyst for widening disquiet, if not anger, about the state of audit and governance standards in the UK.

Perhaps the more pertinent question should focus on the state of government procurement, but for now the joint business and pensions committee is aiming its wrath at the audit firms.