MPs have called for the break up of KPMG, Deloitte, PwC and EY, following the collapse of Carillion and BHS.

In particular the business committee have noted that the client relationship and conflict of interest have “undermined the professional scepticism needed to deliver reliable, high quality audits”. It is proposed to separate the accounting and auditing functions to “ensure that audits deliver what businesses, investors pension funds and the public expect”.

The “big four” accounted for more than 95% of audits prepared in 2016/17 for FTSE 350 and FTSE 100 companies.