In the last couple of days it has been reported that the Big Four accountancy firms and the next tier down are bracing themselves for a potential break-up of the industry in the UK, following the publishing of a parliamentary report into the collapse of Carillion.

There will be plenty of voices, not least from some finance directors, that this approach will damage the accountancy firms or the audit process, or that a break-up can’t be carried out in isolation in the UK without broader international initiatives.

While those arguments have some merit, the reality is that because all four large accountancy firms were mired in the Carillion fiasco, MPs have been left with no doubt as to where a significant part of the problem lies.

Whatever the views of bodies such as the CBI and IoD, that are in loggerheads over the extent to which the report was anti-business, significant change seems almost inevitable once the government asks the CMA to look at the audit market.

Finance directors must look beyond any allegiance to the accountants that trained them and relationships they have with firms, and consider the greater good.

Another Carillion cannot be allowed to happen because of any lingering arguments that support the oligopolistic mess that we now find ourselves in.