PwC asks Cable for rules clarity

PRICEWATERHOUSECOOPERS’ (PwC’S) chairman Ian Powell has urged business secretary Vince Cable to clarify ground rules for auditors as fears escalated over a potential competition inquiry into the “Big Four” firms. In an interview with the FT, Powell said PwC would like to work with Cable to know what the ground rules are around audit reporting and “his aspirations for the future”. Cable said in the lead up to the election that he supported moves to launch a probe into the dominance of the large accounting firms and the “magic circle” of law firms.