R E L A T E D C O N T E N T
ADVERTISEMENT
Accounting professor: break up the Big Four audit market
Accounting academic call for radical reform of audit market to restore the
value of the audit
Accountancy Age,
Accountancy Age 22 May 2009
A high-profile academic has called for the big accounting firms to be
stripped of their bank audits and for an independent enquiry into the
'continuing failure of auditors to deliver meaningful audits'.
Prem Sikka, a professor of accounting at Essex University and a vocal critic
of the profession, said that the Big Four firms had given banks a clean bill of
health and were now lobbying the government to provide them with more protection
from lawsuits.
'Auditors already enjoy too many liability concessions,' wrote in an article
for The Guardian. 'They can trade as limited liability companies and thus limit
the liability of their owners. However, auditors are not keen to relinquish the
tax perks available to partnerships, or provide meaningful information about
their business.
He added: 'The government could reform the audit market by breaking up the
big firms. It could remove them from the audit of banks and insurance companies
and delegate that task to a dedicated regulator.'
It could award audits of public bodies to medium-size firms and thus ensure
they develop their expertise and challenge major firms … Rather than awarding
further liability concessions to auditing firms there should be an independent
inquiry into the continuing failure of auditors to deliver meaningful audits.'
Read the full article:
Time
to count the cost of failure
M A R K E T P L A C E
Search for Hardware, Software & Solutions
| Goodman Masson
A FTSE financial services firm require an experienced Group Accountant with experience of consolidations of over 100 legal entities. The consolidation is done through Excel and requires alot of work around inter-company eliminations. There are ...
more > | Marks Sattin
Exciting opportunity to drive a growing Foods business forward in its drive to expand. The client is in the forefront drive of the organic and high quality foods market with their desire to source only ...
more > | Marks Sattin
My client is looking to strengthen their Business Intelligence team with a Cognos Business Intelligence Manager to support the wider application and development of Cognos and other reporting packages. You will be leading a small ...
more > | Marks Sattin
A renowned city bank is looking for a compliance officer to work with the regulatory risk and compliance team for an initial 6 month period. The role consists of: > Daily monitoring of equity proprietary ...
more >
More
Jobs in Finance