If a big four accountancy firm has been put on standby, then the situation is really rather serious - it's not simply some minor problem being amplified. Any financial problems are likely due to long term issues, rather than some sudden unforeseen event. Senior management of the companies involved should have been well aware of the developing situation for months, not days.
Having reporting restrictions removes a great deal of the credibility afforded to established news organisations and would likely do huge long term damage to UK plc.