Daily Tax Report: International

U.K. Might Bar Auditors From Consulting Work for Private Clients

Jan. 24, 2020, 6:59 PM

The U.K. government could drastically widen the scope of some planned audit-market reforms to bar accounting firms from doing consulting work for any of their large audit clients, including companies not listed on the stock exchange.

“We are improving governance, reporting and audit standards across the market,” Financial Reporting Council spokesman Peter Timberlake said Friday in an email. “It seems wholly appropriate that larger private companies are part of that process. The FRC is looking closely with government at how far to go down this path.”

British competition regulators are seeking to reduce perceived conflicts of interest among auditors when...

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