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Its not like that here!
In Nigeria where the Big four have a presence, there is currently as far I know no Audit inspection unit hence I believe there will be some practices which do not conform to international standards which will be going on. Thus to have such a report in the UK is quite an outstanding effort compared to what obtains in this part of the world. I hope that one day we'll also have the privilege to question our auditors here in order to facilitate professionalism and transparency.
Employ AIA members
No AIA member I heard of is sued over their audit practice work. It goes without saying, EMPLOY AIA MEMBERS.
Put it on the file...
I am reminded of a comment made to me by an audit senior when I was a junior trainee many years ago. After I had given him a detailed explanation of a review point, he said: "that is all very well, but we can't staple your head to the file". Has influenced me since!
But surely the Big Four should not have to be told this?
Duplicitous, verging on the criminal
You utterly misrepresent the facts when you say "It is an unfortunate fact that large firms make easy targets."
These partnerships (now with "limited liability" - for whose benefit?) take money for work they do not carry out or carry out incompetently.
They undertake "Management Consultancy" work for which as Accountants they are not qualified and this Consultancy work is the source of pervasive conflicts of interest & shoddy client service (to say the least).
It most certainly is not "unfortunate" that the duplicitous, verging on the criminal, activities of these firms result in the appropriate redress for client businesses, their shareholders & employees.
Big 4 [***] up, small firms suffer!
You say that the Big 4 have to work very hard to restore and retain public trust, but it is actually the small firms that suffer every time.
It is inconceivable that my firm could ever have an Enron type situation, yet we have had Practice Assurance forced upon us (supposedly, ICAEW members voted for it , but only a minority of members did. Most small practitioners were probably too busy trying to cope with the burden of regulation from Government departments and their Institutes!). More paperwork, less time to deal with things that matter to clients!
Try AIA graduates then
Try hiring AIA members then. If it is true that not many AIA graduates are found in Big 4?
So, give AIA members a try and see their performance. Maybe, they 'could do better' like what Sir John Bourn says in the header of this thread.
Why Matthew not posting in this thread?
I know why - Matthew said he is not AIA member, so he must be member of those who 'affected', is this true Matthew?