‘Reckless’ auditing offence will cost £250m

'Reckless' auditing offence will cost £250m

CBI puts a figure on the potential cost of the proposed criminal offence of reckless auditing

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.

The
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.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In 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 resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource