In a letter to trade and industry secretary Patricia Hewitt, John Vickers wrote: ‘I thought I should write to make clear that we stand by our conclusion.’
The OFT’s report has attracted fierce criticism after it claimed that the Big Four could get sufficient insurance to protect them from disaster, a position that the firms have constantly and vehemently denied.
But Vickers argued that insurance was not the biggest issue in stopping another firm falling.
‘We do not consider that a liability cap would prevent a collapse of one of the Big Four,’ he wrote. ‘Reputational rather than financial damage is likely to be the primary cause should a major audit scandal ever occur in future.’
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day