Scottish institute ICAS has concluded that the DTI report into competition in
the audit market highlights the need for auditors to be able to limit their
The body said the report demonstrates that the loss of another Big Four firm
would have ‘catastrophic consequences for capital markets’.
‘Only one company from the FTSE 100 has a non-Big Four auditor,’ said James
Barbour, director of accounting and auditing at ICAS. ‘This concentrates a great
deal of large plc audit work in the hands of the Big Four – work which is vital
to the smooth function of the capital markets. The need for the introduction of
a system of proportionate liability, as envisaged in the Company Law Reform
Bill, is therefore essential in an attempt to ensure that at the very least the
current level of competition is maintained.’
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester