Your really could not make this up. I received this mail in the last half hour from the Institute of Chartered Accountants in England and Wales:
So on the day that it is announced that there is to be an investigation into KPMG's failure in auditing Carillion the ICAEW admits that it has, for the very first time, noticed there might be a 'broader ecosystem of stakeholders beyond shareholders and investors'. Then it hopelessly incorrectly defines the challenge this represents by thinking it is an issue for the profession to consider.
I stress, I have no problem with the people they have asked to contribute their first two blogs, although I know neither. But I will tell you that the best thinking on these issues is being done by people I know and none, as far as I know, have been approached to contribute to this debate.
Unless the ICAEW admits that much of the existing framework of accounting may be fundamentally wrong it is the problem in this arena. And it has not done that as yet. Welcome to another whitewash, I suspect.
They know my number. They know all those I talk to on these issues as well. We'll wait for the call.