big-4 firms Archives - Emile Woolf writes

Tackling the auditing malaise – at source

“ACCOUNTANCY” – APRIL 2018 – EMILE WOOLF “TACKLING THE SOURCE OF THE MALAISE” Deserved it may be, but the massive reputational battering of Big 4 brands does nothing for the profession’s standing. Since those firms appear to be quite capable of bearing the financial consequences of their errors – indeed, their own financial strength exceeds […]

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The FRC’s penal sanctions regime fails to raise standards

“ACCOUNTANCY” – FEBRUARY 2018 PENAL SANCTIONS REGIME THAT DOES NOT RAISE STANDARDS The main objectives of the Financial Reporting Council’s sanctions policy are to improve audit performance, protect the public from sub-standard work, maintain market confidence and uphold proper auditing standards. The policy emphasizes, however, that its purpose is not to punish, but to protect […]

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New EU Audit Regulations – rising to the challenge

RISING TO THE CHALLENGE ‘ACCOUNTANCY’ [JULY 2016] During the 2008 financial crisis several banks and other lending and deposit-taking institutions collapsed without a hint of warning from their auditors. Since that time pressure to improve the quality of annual audits has been building up, and by the time you read this, new EU Audit Regulations […]

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Auditing the auditors: some improvement. But what of the economy?

The audit failures I have been highlighting so regularly are given full exposure in the Financial Reporting Council’s latest report on big-firm audit quality in the UK. Adverse findings relate to the usual suspects: goodwill impairment, revenue recognition, IT controls and loan loss provisions. Although quality (or lack of it) varies between the four top […]

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