The UK dominant accounting firms must separate their audit units from other businesses by June 2024 as the country’s accounting watchdog reacts to shortcomings that led to the collapse of several companies. “These final principles follow extensive discussions with the audit firms,” the regulator said. “KPMG supports operational separation in the UK,” Jon Holt, the firm’s head of UK auditing said in a statement. The firms should submit an implementation plan by October 23 and the FRC will agree a transition timetable with each firm. It will then publish an assessment every year of how well each audit firm is complying with the principles.

Source: News 24 July 06, 2020 07:07 UTC