Yesterday, the OFT said the affect of an audit cap on competition issues would be ‘neutral’ leaving the question of whether a cap would be able to prevent an Andersen-style collapse unanswered.
Wyman told The Times: ‘I’m dismayed that a fundamental part of the OFT’s conclusion is based on a misunderstanding of the insurance situation.’
He added that an increase in fees, which the OFT says can mitigate against the risk of claims, would not work ‘because [the Big Four] can’t get any insurance.
Similar disappointment was expressed by Neil Lerner, UK head of risk management at KPMG, who said: ‘We are disappointed that the risk of collapse of a major firm and the ensuing damage to competition has not been recognised.’
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton