“Audit watchdog vows to restore public trust in sector”

Owl says: too late for us. EDDC’s then (and now) external auditor was given a consultancy contract to investigate the ramifications of the Graham Brown scandal:

https://eastdevonwatch.org/2016/03/06/external-auditors-watchdogs-or-bloodhounds/

https://eastdevonwatch.org/2017/11/08/so-guess-who-eddcs-new-external-auditors-will-be/

Maybe the Financial Reporting Council would be interested in this seeming conflict of interest?

“The UK’s audit watchdog has announced a reform programme to restore the public’s “falling trust in business and the effectiveness of audit” after its work showed that high-quality auditing was not being “delivered consistently”.

The Financial Reporting Council will implement a series of measures including increased monitoring and assessment of risks, and scrutiny of the future needs of investors and audit quality.

It will also address auditor independence, including banning accounting firms from providing consultancy work to companies they already audit.

The watchdog plans to work closely with the Competition and Markets Authority (CMA) on this issue.”

https://www.telegraph.co.uk/business/2018/10/08/audit-watchdog-vows-restore-public-trust-sector/

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