USA Archives - Emile Woolf writes

Audit quality: is lack of competition the problem?

Twelve years ago, when their audit of Enron’s last accounts heralded the demise of Arthur Andersen, the largest end of the audit market shrank to four firms. The Competition Commission (CC) has now provisionally concluded that the audit market is restricted: companies are inhibited from switching auditors and there is a tendency for auditors to […]

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End hypocrisy: only a culture change will achieve G-20 goals

  In the midst of G20 euphoria who can assess the effectiveness of its efforts to stabilize the economic turmoil? When the dust settles it will be people, not governments, who decide how successful the sweeping measures have been. Confidence, after all, is a feeling – and it’s beyond government control. Only when confidence returns […]

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Spicing up the Audit Report will end in tears

A study of the evolution of the form and content of UK audit reports over, say, the past 50 years would make nostalgic but intriguing reading because it would at the same time reflect changing public and investor expectations of the audit function.   Under the Companies Act 1948 audit reports were required, positively, to […]

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