PracticeAccounting FirmsBig Four chiefs to face the Lords

Big Four chiefs to face the Lords

An investigation has been launched by a House of Lords committee on the Big Four's role during the financial crisis

Houses of Parliament

The heads of the Big Four will be brought before a House of Lords committee
which is investigating their role in the audit market during the financial
crisis.

Deloitte’s John Connolly, KPMG’s John Griffith-Jones, PwC’s Ian Powell and
Ernst & Young’s Scott Halliday have been contacted to arrange a hearing
either at the end of November or early in the new year,
the
Sunday Telegraph
reports.

Launching the inquiry, committee chairman Lord MacGregor said: “Auditing is a
very high-profile issue following the financial crises and we will seek to
establish whether the market dominance by a small number of auditors contributed
to a failure to pick up on unsustainable risks being taken on by international
banks.”

Other committee members include the former chancellor Lord Lawson, former
competition regulator Baroness Kingsmill, and Lord Levene, chairman of Lloyds of
London.

Further reading:

Lords
kick-off audit review tomorrow

Lords
to probe audit market

Lording
it over audit

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