Stephen Hadrill is the new head of the UK's Financial Reporting Council. Accountancy Age have interviewed him and report:
The new head of the UK’s accounting watchdog said there was little evidence to justify a fifth big player in the concentrated audit market, and will instead plough his efforts into planning in case of a Big Four collapse.
He believes the FRC should concentrate on maintaining high standards among the larger firms while simultaneously provisioning for a collapse.
I think that's not 'in case' but 'when'.
His failure to plan for their succession already looks like a guarantee of the end of private sector auditing to me.
Not a man to have confidence in. He believes in Armageddon and his solution seems to be to issue tin hats.