Prem Sikka, professor of accounting at the University of Essex, says the
& Young (E&Y) to receive public monies should be questioned after
the firms came under the spotlight for their audits of distressed banks, tax
avoidance and other practices.
In an article in the Guardian, he criticises the appointment of the
two big four firms by USA’s Securities and Exchange Commission to help with
accounting and internal controls services in the administration of the complex
portfolio of troubled assets it is purchasing.
He notes the SEC appointments were made after E&Y gave a clean bill of
health to the accounts published by Lehman Brothers, and PwC signed off on
Freddie Mac’s accounts.
‘The government must act to check the catalogue of predatory practices and
encourage responsible corporate behaviour,’ he says. ‘Major accountancy firms
should not receive any public contracts until there is tangible evidence that
they have cleaned up their act and embraced public responsibility and
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