The UK’s audit profession is bracing for tougher rules this year, set to prevent more Carillion-style corporate collapses, but the move is pushing the largest auditors to abandon the audits of companies perceived to be high risk.

Deloitte is the latest among the Big Four to quit a large client audit, citing concerns over the control and the governance framework at the parent company of Liverpool oil refinery Stanlow, Essar Oil UK, which is backed by Indian billionaires Shashi and Ravi Ruia.