We've seen shoddy auditing, insider trading, HSBC, attitudes full of platitudes, old dogs, and now Standard Chartered Bank. Oh sure, they might be hunting for free money in Connecticut and sporting a freakishly tight hiney in Boston, but some people think it's time we had a serious conversation:
Mistakes are unavoidable in a business that counts more than 180,000 employees and nearly $30 billion of revenue. But fact-checking consultants and auditors need to be above reproach, especially as there are only four major firms left to handle the books of big multinational firms. Deloitte's seemingly disproportionate share of screw-ups suggests the firm needs to redouble efforts to ensure its corporate culture values standards over profits.
Good talk. Now get back out there.
We need to talk about Deloitte [Breakingviews via Paul Gillis]