UK to Ease Oversight of Big Audit Firms in Starmer’s Growth Push

The UK’s Financial Reporting Council is set to cut the number of inspections it carries out at major audit firms in what it calls a proportionate approach, as the watchdog pivots toward supporting the government’s economic growth agenda.

The regulator of auditors, accountants and actuaries, including consultancy giants such as KPMG, Ernst & Young, PwC and Deloitte, will place a greater emphasis on the quality of processes while reducing formal inspections where it is confident in the firm’s systems, according to a statement on Wednesday.