The Big Four raked in £71.6m for work relating to Carillion in the ten years leading up to its failure. At the time, MPs accused the firms of “feasting on what was soon to become a carcass”.
Not me – but what the article in Accountancy Web stated earlier.
It’s true when you have a monopoly based audit sector, with a need to be fed on a diet of audit and advisory fees then a “Rennie” is eventually going to be needed.
I would not just look at the way the market is operating but the connections across the board rooms between the audit firms and the firms being audited.
By the time the report from the CMA has been read, checked, watered down, it will be interesting to see the results… don’t hold your breath for any massive change soon.