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PwC and EY announced Tuesday that they would stop providing non – core consulting services to audit clients by 2020.
In addressing MPs about the future of the audit, the CEOs of both companies said the initiative would boost public confidence in the sector.
However, Kevin Ellis, president of PwC's UK operations, and Steve Varley, his counterpart at EY, said the decision would not improve the quality of the audit.
The decision to stop offering a wide range of advisory services to audit clients follows a similar decision made by competitor Big Four KPMG last year.
This situation is the result of a series of highly publicized accounting scandals that have caused investors to wonder if the auditors are too close to the companies they control.
These fears have been linked to the fact that audit firms tend to earn additional fees from audit clients for the provision of additional consulting services.
David Sproul, director of Deloitte, said his company had not yet implemented a similar policy, although he supported it.
"We do not think it will directly affect the quality of the audit. This will increase confidence in the profession, "he said.
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