that prevent professional services firms providing lucrative non-audit services to audit clients, as high-profile company collapses and government inquiries cast doubt on how the big four manage conflicts of interest.“If EY has proved it can be done, and in doing so removed any conflicts of interest and improved audit quality ... there may be pressure from regulators to split the rest of the big four,” he added.
“[That] is still yet to be determined until such time the split happens and we can see the results,” he said. “However, [whether] it will prevent the large business failures that have happened from time to time is another open question ... it is a mistaken belief that it is audit’s job to catch the criminals, it is just another tool in the line of that defence.Professor Dumay said if customers were more likely to use EY’s demerged services and the firm was successful in monetising the split, then going ahead was “good business”.
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