Auditors face trying times

Auditors face trying times

Big four memo: Not 'business as usual' this year

Being hauled in front of a Treasury Select Committee might be just the
beginning of a trying year for auditors at big accountancy firms.

An internal memo to auditors at one big four firm noted that it wouldn’t be
“business as usual” in the year ahead, the Financial Times reported.

As the fallout from the credit crunch spills over to the broader economy,
trouble over accounts is inevitable. Auditors can be seen as a convenient
scapegoat and are likely to come under intense media scrutiny.

Meanwhile big four firms are getting their staff up to speed with what to
look for in a downturn, such as earnings overstatements and fraud as managers
attempt to cover up bad news.

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

2y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

2y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

2y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

2y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource