The heat is certainly being turned up on the Big Four accountancy firms.

An inquiry into the audit market by the Competition and Markets Authority last week into the market dominance of PwC, KPMG, EY and Deloitte, generated by the collapse of Carillion and other accounting scandals, may deliver results by Christmas.

It follows the launch of a review by Sir John Kingman into the workings of the Financial Reporting Council (FRC), which is supposed to be an effective watchdog of the sector.

But the discovery of an accounting black hole at Patisserie Valerie in recent days throws up fresh questions.

The group may have been given a £20m cash injection by 37% owner Luke Johnson, but there are still plenty of issues to address- one being that the auditor is Grant Thornton-the fifth biggest accountancy firm and the best placed to challenge the oligopoly of the Big Four, a dominance many felt had contributed to the collapse of Carillion.

Perhaps a complete reinvention of audit- recognising its semi-public function- is the only way forward. Watch this space.