The Competition and Markets Authority (CMA) has proposed a radical shake-up of the audit market in the UK and the Big Four audit firms. The Big Four are Deloitte, Ernst and Young, KPMG and PricewaterhouseCoopers. The reforms proposed by CMA include splitting the audit and advisory businesses at big accountancy firms, regulatory scrutiny of auditor appointments and management, and a joint audit regime for FTSE 350 companies.