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15 July 2020 | 4 minutes

Audit keeps failing – here’s why a fundamental change is needed

A massive shakeup of the UK’s audit industry is on the cards. The Big Four, which audit all of the FTSE 100 and 21 of the FTSE 250, have been told by the accounting regulator to separate their auditing practices by 2024. It follows the collapse of Wirecard, a payments firm which recently admitted that €1.9 billion of the cash on its books probably never existed.

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