Of the 200 companies surveyed by KPMG, 56% said they saw their audit as more
or less exactly the same each year. Only 40% agreed that the audit was useful in
providing recommendations and learning points for the business as a whole.
Nearly half of companies – 47% – only occasionally or never meet with their
auditor outside the audit season, despite the fact that nearly two thirds of
them – 62% – recognise that there is a strong link between the strength of the
relationship that they have with their auditor and the value they derive from
KPMG’s head of audit, Richard Bennison, said a strong and open relationship
between a company and its auditor is vital if the audit is to produce the
far-reaching benefits it is capable of producing.
‘However, our research suggests that companies in the middle market fall into
two roughly equal camps: those that are getting real value, and those that are
not. Our profession could in some cases do more to deliver a greater range of
insights,’ said Bennison.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements