The European arms of the four biggest accountants are being threatened with break-up under sweeping European Commission reforms to be unveiled today.
Michel Barnier, the European Union internal market commissioner, wants to split the profession’s “Big Four” – PwC, Deloitte, Ernst & Young and KPMG – into separate audit and consulting arms in Europe as part of a package of measures designed to improve the vetting of accounts.
Under pressure from his fellow EU commissioners, Mr Barnier has reluctantly dropped a plan that would have also forced the dominant groups to share audit work with their smaller rivals through mandatory “joint audits”.
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