Letters - Hit the nail on the head.
Referring to the audit of Equitable Life by Ernst & Young, Brian Coulthard asks what is the point of an audit? (Letters, 22 March, page 17).
The answer is that in nearly all cases the auditors get it right. When they don’t they have insurance and liability to repair any damage. The question is why is no action being taken against E&Y and their insurers?
Four months later the ICAEW has still not decided whether it will deal with the matter internally and the FSA refuses to say whether it is taking action.
Meanwhile policyholders have insufficient information to pursue the matter themselves. Perhaps Mr Coulthard is right.
David Foot, Stanmore
All letters should be sent to:
The Editor, Accountancy Age, VNU House, 32-34 Broadwick Street, London W1A 2HG
Tel: 020 7316 9236 Fax: 020 7316 9250
Or e-mail us on: firstname.lastname@example.org
Accountancy Age reserves the right to edit letters for space or clarity.
Please include your title, company name and a daytime telephone number.