Some of the nation’s largest companies are being urged to stop hiring their
audit company for non-audit work.
The PIRC, an independent research and advisory consultancy for institutional
investors, warned large companies to stop paying for non-audit services, arguing
that it stymies truly independent judgments,
Their research found that FTSE All-Share companies forked out large sums for
non-audit work with the biggest spenders including Salamander Energy, Ashmore
Group, Berkeley Group, William Hill and Premier Foods, as well as FTSE 100
property consultancy Land Securities.
Last month, KPMG’s successful bid for the audit of corporate services firm
Rentokil, using a package which combined some internal and external audit
functions, sparked debate with concerns the arrangement could skirt ethical
The company said it consulted widely before taking the job and were confident
the arrangement was in the spirit and letter of the law.
The move led some in the industry to question whether KPMG may be skirting
ethical boundaries by using the controversial arrangement which would be
prohibited under US laws and could be challenged in France.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group