Accountants have been criticised in the wake of companies going bust. FMTNews
LONDON: The UK’s dominant accounting firms must separate their audit units from other operations by June 2024 as the country’s industry watchdog reacts to shortcomings that led to the collapse of several companies.
In the UK, accountants have been criticised in the wake of companies like Carillion Plc and Patisserie Valerie going bust. But to work, that needs to be bolstered by genuine cultural change within the audit firms — away from the mindset that auditors are “advisers” to senior executives, he says. Audit practice culture should encourage ethical behaviour, openness, teamwork and professional scepticism and judgment, the FRC said. Profits distributed to partners should not “persistently exceed the contribution to profits of the audit practice,” the FRC said.
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