FDs reflect on JDS judgment
Finance directors – particularly PricewaterhouseCoopers audit clients – said they would be scrutinising carefully the JDS judgment over Coopers & Lybrand’s involvement in the affairs of the late Robert Maxwell.
FTSE-100 Group chairman Christopher Pearce, a PwC client and FD at Rentokil Initial, said: ‘Unfortunately, by their nature, these disciplinary procedures take a long time. This appears to be more of a historic matter than endemic.
‘I think the lessons of the 1980s have been learned and we have seen an improvement both in auditing and accounting standards.‘
Condor Ferries FD Stephen Maycock said Coopers had clearly operated outside its responsibilities. ‘Auditors should be expected to report if they are aware of financial difficulties or inappropriate actions of company directors,’ he said.
‘They have an obligation to report within their responsibilities within the auditing guidelines. Their only alternative is to resign.’
Marylebone Cricket Club FD Colmar Lewis echoed Maycock’s views. ‘If there has been any collusion between the auditors and officials then they are in neglect of their duties to the company,’ he said.
The numbers you crunch tell a story. Your expertis...
25yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article