Richard Churchill of Shelley Stock Hutter LLP reflects on the Treasury Committee’s latest report into the banking crisis and what it means for the audit profession.
Auditors have escaped the severe criticism reserved for bankers and other key City figures in the Treasury Committee’s latest report into the banking crisis, which concludes: “There is very little evidence that auditors failed to fulfil their duties as currently stipulated”. However, a by-product of this report will be evolution, and hopefully not revolution in auditing practices.
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