Deloitte, group auditor, and Grant Thornton, which audited its subsidiaries including the offshore unit in the Cayman Islands that is at the centre of the scandal, have both denied any wrongdoing. Parmalat, the Italian dairy giant, was thrust into the limelight at the end of 2003 when a gaping hole of ? ¬14bn (£9.65bn) was found in its accounts. Parmalat’s new managers in August opened a new front in its battle to recover funds by filing a $10bn (£5.47bn) lawsuit in the United States against both accountancy firms.
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