UK Firms Fear Big Four Domination of Sustainability Audit Market

The Big Four accounting firms are the top providers of sustainability audits to large London-listed companies, prompting fears from some companies that this market will be led by the same firms that already dominate financial audits, the UK’s accounting watchdog said.

The Financial Reporting Council on Tuesday announced initial results from a market study of sustainability assurance launched in March. A majority of FTSE 350 companies disclosed sustainability data in 2022 even though such reporting was not mandatory, with many of them having the figures checked by an external firm, the study found.

The UK government hasn’t said yet whether ...