Ernst & Young (EY) fined £4.875m for dud audits at Thomas Cook.
Failed to verify assets, check that business was a going concern, didn't challenge management assertions.
Puny fines won't make a difference, will be passed to clients.
No govt plans for major major audit reforms.
Failed to verify assets, check that business was a going concern, didn't challenge management assertions.
Puny fines won't make a difference, will be passed to clients.
No govt plans for major major audit reforms.
Comments
Should be a % of global turnover - 5%+...
The accountancy profession is pedestrian & blinkered, largely existing in a cloistered atmosphere of self-regulation & adulation.
Some of us escaped to the real world of commerce.
https://doctorow.medium.com/the-big-four-accounting-firms-are-one-more-scandal-away-from-collapse-67de5cff698f