The Big 4 accountancy firms have been called upon to assist the Financial Services Authority (FSA) in monitoring the activities of British banks, it has been revealed.
John Tattersall, a consultant at PricewaterhouseCoopers financial services group, said that the Big 4 firm has experienced a considerable increase in the amount of help the FSA has been asking for.
Speaking to the Times, he said: "We're seeing a huge increase in the use of skilled persons' reports as a tool - probably a fivefold increase or more."
In addition, the other Big 4 firms - Ernst and Young, Deloitte and KPMG – are also believed to have seen a similar increase demand from the FSA for their services.
Mr Tattersall’s comments follow recent remarks made by the FSA’s chairman, Lord Adair Turner.
In July, he told members of the British Bankers' Association that the economic downturn had forced the FSA to pay more attention to accounting practices.
FSA Turns To Big 4 Firms For Help
Tue, 25 Aug 2009
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