The heads of the "Big Four" accountancy firms must defend themselves to a House of Lords committee investigating their role in the recent financial crisis.
The heads of Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (E&Y), and KPMG will be questioned by a panel of politicians including Lord Lawson, the former Chancellor, Baroness Kingsmill, the former competition regulator, and Lord Levene, chairman of Lloyd's insurance market.
Deloitte's John Connolly, KPMG's John Griffith-Jones, PwC's Ian Powell and Ernst & Young's Scott Halliday recently received a call from the committee's secretariat asking about their availability,the Sunday Telegraph reports.
Sources close to the situation expect them to be hauled up at a hearing either at the end of November or early in the new year.
In a high-profile hearing in February 2009, the former heads of major British banks were forced to explain their role in the crisis before the Commons Treasury Select Committee. They apologised for their banks' failures.
At the time, select committee chairman Lord MacGregor linked the investigation to the role of auditors in the financial crisis.
"We will seek to establish whether the market dominance by a small number of auditors contributed to a failure to pick up on unsustainable risks being taken on by international banks."
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