weekly news focus: Practice

The sheer size of PwC appears to have been the reason why its lost the banking giant’s audit.

The Royal Bank of Scotland, having just taken over NatWest is understood to fear conflicts of interest because of the concentration of banking audits in the accounting giant’s hands.

PwC’s view, however, appears to be that the Royal Bank dropped it because Natwest is its banker.

Meanwhile, soon-to-be-floated mid-tier consolidator Tenon is planning to shake-up the accountancy market by binding middle-ranking accountancy firms into a giant accountancy services group which could approach the size of the Big Five.

Dramas continue at Rover this week, with the effect of harsh German accounting rules coming under the spotlight. The managing director of Alchemy is a chartered accountant.Meanwhile, the Rover audit could be up for grabs.

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