BIS bores TS to tears
BIS speaks out on audit reform, but does it have anything to say?
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.