Measures against Big Four 'criticised'

A number of measures announced in an effort to tackle the dominance of the Big Four have been criticised, it has emerged.

According to reports, Prem Sikka, a professor of accountancy at the University of Essex, the recently announced recommendations by the Market Participants Group (MPC) are little more than a "damp squib".

The MPC was created by the Financial Reporting Council (FRC) during the final quarter of last year.

"All that's happened is that there's been a lot of talking, but there is nothing really to show for it," said Mr Sikka.

"The trouble is that the FRC doesn't have either the ability or the inclination to properly address this problem," he added.

Among the 15 recommendations put forward by the MPC include the disclosure of profitability for audit work and the disclosure of some contractual obligations by the members of corporate boards.

Once known as the Big Eight, the Big Four is now made up of PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte Touche Tohmatsu.