Re: The Big 4
I've got experiences with several member firms of the Big 4 networks. And I've seen both work done badly and work done very well in most of those firms. It mostly depends on individuals, whether they do their job well, and hence shows a lack of quality control. (QC is even less sexy business than the bread-and-butter stuff known as audit.) It's just right that both the company and the audit engagement partner get fined.
Regarding the £1.8m, this shouldn't be compared to EY's global revenue of $31.4bn. For a more meaningful comparison the £1.8m should be put in perspective to EY UK's revenue. It's still not going to ruin EY UK as in 2016 it was somewhere north of £2bn.