FTSE 100 bosses close ranks with scandal-tainted Big Four auditors

EDINBURGH — The bosses of London-listed corporates don't want to break up the cosy audit industry cartel, known as the Big Four. This is presumably because the accountants at Deloitte, KPMG, PwC and EY know where the proverbial bodies are buried. There can be no other reason for large firms wanting to maintain the status quo, with huge accounting scandals unfolding in front of auditors who turn a blind eye or are complicit in creative financial reporting. The official reason for companies like BP, HSBC and Schroders wanting to keep the Big Four close is because there are concerns other accounting firms aren't up to scratch, reports the Financial Times. – Jackie Cameron

By Thulasizwe Sithole

The chief financial officers of the UK's largest companies have raised concerns about proposals put forward by politicians and regulators to shake up the audit market and eradicate conflicts of interest, reports the Financial Times.

"Their concerns were highlighted at a private meeting held last week at the London headquarters of the ICAEW, an industry body representing accounting firms and their staff. Senior figures from the influential 100 Group, which represents the views of FTSE 100 finance directors, attended," says the influential London-based pink paper.

"They included Brian Gilvary, the group's chair and finance director of oil group BP, and Julia Wilson, the group's deputy chair and finance director of private equity firm 3i. Other City heavyweights were also present, including Sir Douglas Flint, the former chair of HSBC, and Jessica Ground, head of stewardship at Schroders, one of the UK's largest listed asset managers," it says.

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