We tracked over 1,000 auditor changes so far in 2013, compared to around 900 for all of 2012. #auditorchanges
— Audit Analytics (@AuditAnalytics) November 8, 2013
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Who’s #AuditorProud?
- Caleb Newquist
- December 9, 2015
So here's a thing that is happening tomorrow: Use #AuditorProud & #PwC on Thursday to […]
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Brits Call Big 4 Auditors ‘Disconcertingly Complacent’ During Financial Crisis
- Caleb Newquist
- March 30, 2011
Not exactly what you would call a compliment. And while they were at it, the House of Lords would like the Office of Fair Trading to investigate why the “Big 4” isn’t a “Global 6” or “Universal 8” or “Dirty Dozen” or something similar.
Of course auditors have claimed that did everything they were legally obligated to do and the HoL admits that’s kindasorta true but not really:
Its report said: “We do not accept the defence that bank auditors did all that was required of them. In the light of what we now know, that defence appears disconcertingly complacent.” It added: “It may be that the Big Four carried out their duties properly in the strictly legal sense, but we have to conclude that, in the wider sense, they did not do so.” Bank auditors and regulators had been guilty of a “dereliction of duty” by not sharing more information with each other on an informal basis before the crisis, the committee claimed. Auditors were either “culpably unaware of the mounting dangers” at banks or they were at fault for not sharing any concerns with supervisors, it added. Either way, auditor complacency had been a “significant contributory factor” in the banking meltdown, the committee said.
So in “the wider sense,” auditors best step up their game. Go forth.
Auditors criticised for role in financial crisis [FT]
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The Big 4’s Lobbying Efforts In Europe Make the Banks Look Like a Bunch of Amateurs
- Caleb Newquist
- March 27, 2012
Proposed audit reforms in Europe, which include mandatory firm rotation and a ban on advisory […]