Deloitte, one of the world’s “Big Four” accounting firms along with KPMG, PwC and EY, have all been told by their regulator, the Financial Reporting Council , to submit plans by October 23 to ring fence their UK audit arms.
The FRC set out principles for underpinning ring fencing earlier this year, including the creation of an independent audit governance board . “The AGB is central to Deloitte’s new governance framework and a key step in the operational separation of our audit business from our wider firm,” Richard Houston, senior partner and chief executive of Deloitte UK, said in a statement.
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