Big 4 faces auditing probe
THE big four accountancy firms have been put on notice over possible conflicts of interest stemming from the growing overlap of internal and external audit services. The Financial Reporting Council (FRC) has launched a three-month inquiry after details of a deal between KPMG and Rentokil were made public. The controversial contract provides a “deeper” service than a standard, official audit and has raised concern in some quarters over the separation of audit processes. It is believed Rentokil has cut staff in favour …
THE big four accountancy firms have been put on notice over possible conflicts of interest stemming from the growing overlap of internal and external audit services.
The Financial Reporting Council (FRC) has launched a three-month inquiry after details of a deal between KPMG and Rentokil were made public.
The controversial contract provides a “deeper” service than a standard, official audit and has raised concern in some quarters over the separation of audit processes.
It is believed Rentokil has cut staff in favour of KPMG’s own auditors, saving the company a net £1m a year.
