So, once again, the audit profession has hit the headlines and, once again, for the wrong reasons.
The issue of audit quality has been an ongoing debate for several years and more so in the last couple of years given the financial crisis and the fact that the auditors of banks have come under severe criticism for their handling of their audits.
The Big 4 have presided over the auditing profession for years and there have been lots of calls for there to be a ‘break up’ of this dominant position they hold to allow for more concentration of the audit profession; though time will inevitably tell if these attempts are going to be successful.
Auditing throughout the world has come under fire of late but is this criticism warranted, or are auditors simply the ones to blame when things go horribly wrong?
About Steven Collings
Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd where Steve trained and qualified.