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November 22, 2022

U.K. audit reform

Audit Market Caps In the UK: The Financial Times Fails a Math Test

“The Glacial Pace of Audit Reform Needs To Speed Up” The Financial Times might wish to reconsider this headline, above its editorial of late last week. Global climate change considered, the metaphor may be more apt than intended, as the likely fate of the world’s glaciers is their tragic and accelerating collapse into muddy puddles amid massive fields […]

Grant Thornton Is Not a Bottom of the Barrel Firm, Says Grant Thornton

“The principle of shared audits is very attractive to challengers as long as the share of the audit is meaningful and brings incremental experience to teams. If the challenger firm is just going to get what’s left at the bottom of the barrel, that’s not interesting and doesn’t help.” — Fiona Baldwin, head of audit […]

Audit ‘Reform’ in the UK: Hello … Is Anybody There?

It’s one thing to discuss the breadth of the UK government’s March 18 consultation paper, “Restoring Trust in Audit and Corporate Governance,” with its 98 questions spread over 232 pages, as I did recently in a conference mixing academics and practitioners. It’s quite another, and thoroughly dispiriting, to observe the public silence on the likelihood […]

Audit ‘Reform’ In the UK: The Government Finally Speaks, and Says Little

On March 18, the UK government weighed in with its long-promised consultation paper (the “Consultation), “Restoring Trust in Audit and Corporate Governance.” Ninety-eight questions, spread over 232 pages, contain much that is cautious and little that is innovative. The problem is, what is cautious would not innovate, and what would innovate is not cautious. For another day, […]