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  • UK – FRC announces principles for separation of audit practices of the Big Four firms

Author: Judy Pink

UK – FRC announces principles for separation of audit practices of the Big Four firms

The Financial Reporting Council has announced a set of principles for the operational separation of the audit practices of the Big Four firms. These cover matters such as permitted services, governance, remuneration and transparency and have two objectives: to improve audit quality and to ensure that no material cross subsidy persists between the audit practice and the rest of the firm.