KPMG just announced that they are planning to create an independent audit firm regardless of any decision by the British regulators to break-up the Big Four accounting firms.
We first took note of this development last year and it looks like the British regulators are serious about shaking up the Big Four to improve independence in the industry.
If this sounds familiar its because we have seen this before; back in the days of the Enron scandal which resulted in the existing big accounting firms segregating their consulting arm from the main audit business. But in the years that followed after that, it seems like this they have slowly reverted back to pre-Enron days.
It would be interesting to see how this develops and how it would affect the accounting industry.