New UK regulator to be able to enforce audit, consulting split at big accountancy firms - Sky News

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(Reuters) - Britain's new audit regulator will be able to enforce a formal split between the audit and consulting arms of big accountancy firms under plans to be set out in a government consultation document in the coming weeks, a Sky News journalist tweeted on Thursday.

The consultation document is also expected to say that the Audit, Reporting and Governance Authority, which will replace the Financial Reporting Council, could be given oversight of the UK's largest private companies, in addition to companies which are listed on public markets, the journalist tweeted.

(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Leslie Adler and Sonya Hepinstall)