Time to end the auditing merry-go-round

There’s too few firms at the top of accountancy - the competition authority must investigateHow did BT react when “improper practices” and “financial irregularities” were discovered in its Italian division last year? It did what you’d expect: it dumped its auditor, PwC, and hired a new outfit. But that new firm was KPMG, which was remarkable in its own way. KPMG was already under investigation by the Financial Reporting Council for its work at Rolls-Royce foll