Number of investigations double since recession
Number of accountants and actuaries under investigation has skyrocketed
The number of firms being investigated by the accountancy regulator has
doubled in the last year as more cases come to light following the recession,
the Independent reports.
The Accountancy and Actuarial Discipline Board (AADB) said it now has ten
investigations on its books, after just five last year.
A spokeswoman attributed the increase in workload to the recession,
commenting that cases often `come to light when the economy takes a turn for the
worst’.
`We have seen more cases as more companies find themselves getting into
difficulties. It is then that you see things have gone wrong and questions are
asked about the way audits have been conducted,’ she said.
The comments follow AADB’s announcement that it would investigate financial
services firm PricewaterhouseCoopers’s and its audit of sub prime lender
Cattles, yesterday.
PwC said it would cooperate fully with the regulator but would `vigorously
defend’ its work.
Read the full story:
Auditors
under attack as the recession exposes failings