The CBI has warned that the proposed criminal offence for reckless auditing
could cost business more than £250m.
The proposal, contained in the company law reform bill, could see auditors
handed a jail sentence for ‘knowingly or recklessly’ allowing material that is
‘misleading, false or deceptive’ into audit reports.
CBI has already complained vocally about the reckless auditing clause. The
extra costs of the move would derive from box-ticking and double-checking that
would drive higher audit fees, the industry body told the FT.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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