Yesterday, the OFT said the affect of an audit cap on competition issues would be ‘neutral’ leaving the question of whether a cap would be able to prevent an Andersen-style collapse unanswered.
Wyman told The Times: ‘I’m dismayed that a fundamental part of the OFT’s conclusion is based on a misunderstanding of the insurance situation.’
He added that an increase in fees, which the OFT says can mitigate against the risk of claims, would not work ‘because [the Big Four] can’t get any insurance.
Similar disappointment was expressed by Neil Lerner, UK head of risk management at KPMG, who said: ‘We are disappointed that the risk of collapse of a major firm and the ensuing damage to competition has not been recognised.’
Stephen Mills joins the Manchester office from IBM, where he spent 12 years as an associate partner in the data, analytics and cognitive consulting group
Rupert Guppy will be responsible for capital allowances in the southern region, and joins the firm from specialist consultancy E3 Consulting
Richard Lewis has been appointed to the firm's restructuring and recovery services team
As KPMG celebrates its annual inclusion week, Anna Purchas, head of learning at KPMG in the UK, discusses why investing in talent is a priority for the firm