Finance director Steve Fleming joined Diagonal in December last year from Deloitte & Touche, which has audited the company for 10 years.
Analysts voiced concern about the perceived close ties which may bind auditors who leave to join client companies, and stressed the need to demonstrate rigour in ensuring auditor independence.
Chief executive Graham Creswick told the FT: ‘Why should I be worrying about that? We are perfectly satisfied that Mr Fleming is totally distanced from Deloitte & Touche. I consider him a good accountant.’Auditor independence, including audit firm rotation, more frequent rotation of partners and the supply of non-audit services to audit clients, forms a major part of the government’s current review of audit and accounting post Enron and WorldCom.
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