PracticeAccounting FirmsDeloitte attacked for Vodafone work

Deloitte attacked for Vodafone work

A clear risk of audit compromise exists when consultancy fees outstrip audit fees, claims Pensions Investment Research Consultants, as it launched an attack against the reappointment of Deloitte & Touche as auditors to Vodafone.

Pointing out that the mobile operator last year paid £4m in audit fees against non-audit fees of £18m to the Big Four firm, Pirc research director Stuart Bell said that where consulting-based fees were greater than audit fees ‘the independence of the audit process is potentially threatened’.

Vodafone responded by saying that choosing auditors for consultancy work often proved more cost-effective than appointing a separate practice.

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