Introducing Accounting & Reporting International – The Launch Issue
The world's major accounting firms find themselves embroiled in scandals and uncertainty as they embark on the New Year. To make matters worse, confidence in the ability of the global accounting networks to operate to common, high audit standards is slipping.
This is the message of the launch issue of Accounting & Reporting International, a new professional newsletter focused on the independent auditors and internal financial management of multinational companies. The newsletter says that:
All of the Big Four accounting networks are fragile in structure – so much so that none is capable of surviving a negligence fine in the region of $1 billion.
Large-scale fraud is now inevitable – and a recent US court decision shows that auditors can no longer pretend they do not have a duty to detect it;
The Public Company Accounting Oversight Board (PCAOB), the US audit regulator has been captured by the big accounting firms and is badly in need of reform that may well follow Joe Biden's appointment of Gary Gensler as chairman of the Securities and Exchange Commission