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A new audit era: Big Four must account for themselves in CMA shakeup

Table of Contents
Overview
Catalyst
Summary
Accountancy's wave of scandal
Carillion: auditors fail to question rising accruals despite public skepticism
Capita: frequent exceptional write-downs and dubious estimates
Mitie: £50m material ‘errors' arise in listed infrastructure consultancy
The Big Four Oligopolists: global and specialist
2018 CMA review suggests a range of proposals
Public body appointment of auditors - an unwelcome interference
Joint or shared auditing - expensive for auditor and auditee
Market Cap thresholds - the Big Four preference
Breaking up is hard to do
16thc double-entry bookkeeping: not designed for intangibles
Conclusion
Appendix
Sources
Further Reading
Ask the analyst
About MarketLine
Disclaimer

List of Figures
Figure 1: Capita auditors KPMG highlight Capita's large intangible assets in its 2016 accounts
Figure 2: Proposals commentary: EY
Figure 3: Proposals commentary: PwC
Figure 4: Proposals commentary: Deloitte
Figure 5: Proposals commentary: KPMG
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