Big audit firms launch pre-emptive defence

Kashflow logo
1

Professional bodies and large firms have begun a counter-offensive emphasising the value of audit ahead of market reforms expected from Europe. Nick Huber reports.

Auditors seem a little defensive. The reputation of big audit firms was damaged by the financial crisis after they signed off banks’ accounts shortly before the companies collapsed or needed rescuing by governments.

Audit fees have been squeeze. And plans to change to European audit rules – raising the turnover threshold for when small businesses need an audit and requiring big companies to change auditors more regularly and restricting the sale of consultancy services to audit clients – could further dampen the audit market for small and large companies.

Some of the big accounting firms have begun a PR fightback.

In the past few weeks, KPMG and Baker Tilly have issued separate reports highlighting broad business support...

Please Login or Register to read the full article

The full article is available to registered AccountingWEB.co.uk members only. To read the rest of this article you’ll need to login or register. Registration is FREE and allows you to view all content, ask questions, comment and much more.

Nick Huber
Freelance journalist
Share this content
Tags

Replies

Please login or register to join the discussion.

By GeorgeS
24th Feb 2014 15:35

Editor required

This article is unfortunately littered with spelling mistakes and missing letters that detract from the article.

 

One such mistake is quite important as I am not sure if it is 78% disagreed (with the I and S missing) or 78% agreed (with a random D put in).

 

 

Thanks (0)