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Accountants watchdog sniffs out 'Big Four' risks
THE UK watchdog charged with preventing Enron-style accounting scandals has identified serious risks at the so-called "Big Four" accounting firms.
The discovery of the flaws has led to an investigation being launched by the Professional Oversight Board for Accountancy (POBA).
Following inspection of 27 audits, POBA has referred two audits to the accounting investigators, the Financial Reporting Review Panel, and made 21 recommendations.
"The quality of audits is under threat from a number of risks which are not addressed by all firms in all audits," POBA chairman Sir John Bourn said.
The POBA was set up last year and its first inspection of the industry focused on the audits of Britain's top 350 companies by the Big Four accounting firms: Deloitte, Pricewaterhouse- Coopers, Ernst & Young and KPMG.
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Thursday 24 May 2012
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