Bank auditors may face tougher restrictions on offering non-audit services,
according to a report looking into the banking crisis.
The Commons Treasury committee recommends that auditors be banned from
undertaking non-audit work for financial institution clients, the Financial
Even after auditors were reined in following the collapse of Enron in 2001,
they are able to provide certain types of tax advice, due diligence and
assurance over systems and controls.
The auditors of Britain’s biggest banks have been paid big fees for non-audit
work. PwC, auditor of Barclays and Lloyds, earned £20 million from these two
banks for non-audit services, out of a total bill of £71.5 million.
Auditors say they failed to understand why MPs have come to these conclusions
and said they operated within existing law.
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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
"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