The UK's Financial Reporting Council is to review the governance and culture at the country's audit firms - which include the so-called 'Big Four' of PwC, KPMG, Deloitte and EY - following concerns over conflicts of interest and the quality of their work.

The watchdog, which took on ultimate responsibility for oversight of the UK's audit market in June 2016, announced the review alongside the publication of a report into audit quality on February 14.