DEBATE: As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? Have government efforts so far to reform the audit market failed? As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? David Herbinet, global head of audit at Mazars, says YES. The Financial Reporting Council’s latest figures show that, despite all efforts, the audit market is actually narrowing. A diverse market is vital for audit quality and [...]
DEBATE: Will the new recommendations from the CMA help rebuild trust in the audit sector? Will the new recommendations from the CMA help rebuild trust in the audit sector? Michael Izza, chief executive of ICAEW, says YES. The proposals from the Competition and Markets Authority (CMA), alongside the Kingman Review, are the kind of bold intervention in audit that we have been calling for. Breaking up the larger firms was unlikely [...]
With the CMA scrutinising the Big Four, can we still trust auditors? With the Competition and Markets Authority (CMA) scrutinising the Big Four, can we still trust auditors? Yes – Michael Izza is chief executive of the ICAEW. Every year, hundreds of thousands of audits are performed to the highest professional and ethical standards. Auditors underpin business confidence by providing independent verification that a company’s financial statements [...]
Proper corporate governance rules would save the UK from a crisis like Theranos September 11, 2018 The spectacular downfall of Theranos, the US healthtech company, makes a terrific story: a disrupter startup run by a university drop-out, who modelled her persona on Steve Jobs (right down to her black turtleneck sweaters), and became a virtual messiah figure for many in Silicon Valley. For those who aren’t familiar, Theranos promised cheap, accessible, pain-free [...]
