Auditing needs to recover the idea of providing a ‘true and fair’ picture of companies
Firms can be too focused on pleasing customers who are also a source of consulting income
Concerns that audit market is too beholden to the clients whose numbers it vets
Most listed US and British groups use one of the Big Four, with issues discreetly hidden
FT series: with a cabal of auditors dominating the market and chiefs making most of the system of ‘fair value’, what can the industry do to raise standards?
Prudence and judgment were lost in the drive to fair value standards