If the ACCA wants audit to be credible it has to do better than this

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The following letter is in the FT this morning:

Sir, Having worked closely with the Financial Reporting Council on audit quality and professional scepticism, I was surprised to see your article “Accounting watchdog sinks teeth into governance at audit firms” (FT.com, February 15) focusing so closely on the critical side of what was a largely balanced report from the FRC.

The report recognises that there must be a balance between stopping bad audit practice while also creating an environment that encourages good practice. It contains recent examples of the latter, as well as the former. Your article’s focus on cases of poor audit maligns a profession which, for the most part, engages professional scepticism to a high degree and also provides an essential service to the financial services industry. I hope that it does not dissuade a new generation of accountants from going into audit.

Andrew Gambier

Head of Audit and Assurance, ACCA

I think the ACCA needs to get its own professional scepticism in order first of all.