Australia is considering splitting up the four major accounting firms.

The Australian government announced on Wednesday that, in light of some recent high-profile scandals in the industry, it is considering breaking up the four major accounting firms and bringing them under the oversight of the corporate regulator. A document from the Australian Treasury outlined these proposals, including reducing the size limit for partnership firms from 1000 people to 400 people. The document highlighted that the recent behavior of the Big Four accounting firms - Deloitte, EY, KPMG, and PwC - has exposed weaknesses in Australia's regulatory framework. It also compared the regulatory approaches of the UK and the US.