The latest data from the Financial Reporting Council (FRC) shows that the Big Four accountancy firms - KPMG, EY, PWC and Deloitte - continue to dominate the audit sector in the UK.

Parliament has already aired its concerns about the levels of competitiveness in this sector, leading some interested parties to suggest that this perceived oligopoly be curtailed.

As no one firm outside of the Big Four is currently able to match their market dominance, it could be argued that a potential approach is the creation of a conglomerate of smaller firms to create an alternative player in the field.