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FILE PHOTO: The logo of KPMG, a professional services company, is visible at the company's headquarters in the La Défense business and financial district in Courbevoie, near Paris, France. May 16, 2018. REUTERS / Charles Platiau / Photo File
(Reuters) – KPMG plans to reorganize its UK business to create an independent audit firm, regardless of the decision of the competition authority to force a split of large accounting firms, the Times reported on Monday.
KPMG's audit firm has 200 partners and about 5,000 employees who could move to a standalone entity or a KPMG subsidiary if the projects materialize, the paper says.
KPMG was not immediately available for comment.
Last week, Parliament's committee urged the Competition and Markets Authority to force EY, KPMG, Deloitte and PwC to separate audit and advisory services to improve accounting standards and transparency. after the failures of the audits of Carillion and BHS construction companies.
EY, KPMG, Deloitte and PwC sought to avoid this split by voluntarily agreeing not to provide consulting services to the audited clients.
The government is expected to propose a bill to implement the rewrite of the audit when the CMA releases its final recommendations on the subject in the coming weeks.
Report of Rama Venkat in Bengaluru; Edited by Sonya Hepinstall
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