ALL NEWSSANCTIONS

Big 4 plus 3 got a minus

The main audit firms: Deloitte, EY, KPMG, PwC, BDO, Mazars and Grant Thornton failed as per UK’s audit regulator quality assessment.

Furthermore, the regulator mentioned that in cases, issues were systematically known with no further action over year, showing a lack of effectiveness in producing or triggering management change.

The range of issues in the audits reviews varies from perfectible to unacceptable.

While KPMG showed some improvement (still below acceptable), PwC dramatically dropped quality.

EY got 12% of audits checked ratted as unacceptable.
The indecency and quality of work of auditors need to be re addressed as par regulators notes.

For years, the fact that the audit party cares cost and leads the audit has been qualified as a threat to indecency.

It is not clear what will be the impact of the findings.

Source

https://www.afr.com/business/accounting/deloitte-ey-kpmg-pwc-fail-audit-quality-test-uk-20190714-p5271i

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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