Big 4 Audit Firms Face Break-up To Restore Trust

 Big 4 auditors face being split up, rebranded

The world's top four audit firms will have to split up and rename themselves under a far-reaching draft European Union law to crack down on conflicts of interest and shortcomings highlighted by the financial crisis.
Just four audit firms -- Ernst & Young, Deloitte, KPMG, and PwC -- check the books of 85 percent of blue-chip companies in most EU states, a situation the Commission said was "in essence an oligopoly."
An oligopoly is a market form in which a market or industry  is dominated by a small number
(of sellers/oligopolists)
Under EU proposal,the 4 top firms will have to separate EU based audit activities from non-audit activities, such as tax and other advisory services -- "to avoid all risks of conflict of interest".They will have to change names as well.