Finance Monthly - October 2021

26 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s Why are Top Firms Rejecting Shared Audit Proposals and What Does the Future of UK Professional Services Look Like? Reform Big Four Audit Recent consultation papers have included a number of key measures in order to diversify the UK professional services sector for audits to improve standards and offer viable alternatives to the Big Four. There have been three independent reviews so far and major failings are still happening due, in many cases, to the Big Four’s monopoly. As such, the consultation papers include provisions that challenger firms will be required to conduct a meaningful portion of the audit for the UK’s large companies, namely through shared audits, a proposal that has sparked significant controversy in recent weeks.