Major audit networks and professional bodies in the UK, including Deloitte, EY, KPMG, and PwC, have urged the Financial Reporting Council (FRC) to stop publicly naming companies under investigation. The move follows discussions among firms and mid-tier companies like BDO and Grant Thornton. The FRC is currently reviewing its publication approach in response to feedback. The industry suggests limiting identification to cases of serious wrongdoing. The FRC is considering omitting audited companies’ names to protect individual partners. The Financial Conduct Authority (FCA) previously faced opposition to expanding the practice of naming companies under investigation. The FCA’s decision not to proceed with the proposal was influenced by concerns about potentially deterring business activity in the UK.

Read more at Yahoo Finance: UK audit companies urge FRC to stop public probe announcements