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Accountancy companies in UK could be revamped according to new proposals

Britain’s Competition and Markets Authority initiated an overhaul that could lead to a big restructuring in the country’s biggest accountancy companies.

The regulator aims to divide audit and consulting, at the same trying to bolster a larger range of auditors. The Authority intends to get the issues worked out even if these measures are not sufficient.

The biggest four accountancy companies carry out 97% out of all large firm audits, alongside rendering other services, the watchdog said. Auditors are chosen by companies, it also said.

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