FRC to investigate audit firm ethics

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The Financial Reporting Council (FRC) is reviewing director appointments in a wide sample of FTSE 350 companies amid concerns that independence between auditors and companies is being undermined.

In May, the watchdog announced a double investigation into KPMG and whether it had breached...

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From where I come from it is quite common for audit firms to cross-sell non-audit services to their major clients

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Don't hold your breath

Last time I checked wasn't the FRC stuffed full of ex big 4 people ? As ever lip service to a massive problem that has far wider implications for all of us.The poor audit quality issue is nothing to do with "offshore staff" that is a complete red herring. Instead perhaps an examination of the ethical compass pointers of those in charge may reveal something ?

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First step

Before they can investigate auditors' ethical standards, in my view they will need to find them first.  And they'll have a hard time looking.

European banks needing major rescue since 2007 = over 300

Number of those with qualified audit reports = zero.

Nowt more to say.

 

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Ethics

As far as most of us smaller accountants can tell, ethics come a poor second to profits.

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