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01 Nov 2011
TS was left with mixed feelings after BIS's address to the Audit Quality Forum this morning. Disappointed that the department said so little; impressed that it used so many words.
BIS outlined the issues it refused to discuss: company reporting and accounting; its own narrative reporting consultation; Lord Sharman's going concern investigation; the European Commission's new accountancy and company law directives and proposed audit reforms; the Competition Commission inquiry.
Instead, attendees were treated to BIS's opinions on the only non-contentious issues in audit: Big Four banking covenants must go; a bit less market concentration would be nice; and aren't 100-year audit relationships terrible!
TS was happy to see a representative of the elusive business department - not so easy to track down after last month's embarrassing email leak - but next time, something less crashingly conformist would be nice.
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