The UK’s accountancy profession is willing to consider placing temporary limits on the number of listed audit clients the Big Four accounting firms can have as a way of staving off a second formal competition review in seven years.

The significant concession comes on the back of a string of accounting scandals at large international companies including Tesco, BT, General Electric and Wells Fargo that have heavily undermined confidence in the profession.

Critics are increasingly concerned that the Big Four are too dominant, audit quality is too low and the wider industry is too conflicted as most firms offer both audit and consulting work to clients.

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Who is the world’s most high profile CFO?

It might have just become Allen Weisselberg, the longtime chief financial officer of the Trump Organization, who is understood to have entered an immunity deal with federal prosecutors in exchange for his testimony about Michael Cohen, until recently President Trump’s lawyer and fixer.

Future generations may one day judge that this hitherto unknown accountant was responsible for bringing down the most powerful person on the planet. The world is watching closely.