Josh Hardie, CBI Deputy Director-General, said:
“The Committee’s idea to force a break-up of the ‘Big 4’ jumps the gun. It puts forward a heavy-handed solution rather than waiting for the evidence of the reviews investigating the state of the current market and future vision for audits.
“Businesses are aware there are problems with the audit market and it is a tough challenge to fix them. High-profile corporate failures have rightly prompted searching questions.
“But the UK’s position as a stable, evidence-based country is already under threat. So rushing to simplistic measures rather than following a clear, considered long-term approach will damage our reputation further.
“The industry is open to change to enhance public trust and investor confidence. But let’s do it so it works for a global, growing Britain.”