Peter Mitchell gives Big Four a black eye
SPA chairman Peter Mitchell takes a dig at the big audit firms
PETER MITCHELL, chairman of practice reps the Society of Professional Accountants, is not known for pulling his punches.
On the end of one of his jab and hook combos this time are the Big Four firms.
Publishing the SPA’s annual report and accounts, he voices concern that smaller audit practices are facing some pretty harsh penalties for minor technical breaches, which “continue to populate ICAEW disciplinary hearings”.
In contrast, Peter suggests that the Big Four fail to appear under similar scrutiny.
“Such minor disciplinary findings are particularly difficult to understand compared to ongoing major PLC scandals, and one is left to wonder whether any of the Big Four firms would have been able to retain their auditing registrations if the rigorous standards imposed on smaller practices applied to them.”
Oof. That might’ve hit below the belt Mr M.