PracticeAuditICAS hits out at ‘sceptical public’

ICAS hits out at 'sceptical public'

ICAS president Andrew Christie has lashed out at critics of auditors, urging a move to reestablish the balance of blame.

Speaking at the Scots institute’s annual awards ceremony in Glasgow, Christie criticised at ‘a sceptical public and an even more cynical press’.

Christie said: ‘Enron is clearly an issue of huge concern. That does not necessarily mean that we should regard the auditors as the prime culprits. We need to try to re-establish in the re-establish in the minds of a sceptical public and even more cynical press, a basic truth ‘that the people with primary responsibility for running a business are the directors.’

He did however acknowledge that auditors should be whistle blowers to any irregularities.

Christie also threw a few more pertinent questions into the ring. He said: ‘Is it sensible to motivate and reward employees, in particular senior management, with short-term stock options? Should employees with access to sensitive financial information and with the ability to influence the market by the comments they make, be allowed to trade shares on a virtually unrestricted basis?’

Related Articles

The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

5d Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

6d Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter