Accountancy Age has this headline this morning:
This makes no sense, at all. KPMG is the firm that, more than any other, has dragged auditing into the more. And yet it now has 28 FTSE 100 audits, overtaking PWC, who now have 27.
Why is that? Simply because conflicts of interest in a 'market' that is far too small means that KPMG is not the option of choice for those firms looking for a new auditor but is the only firm they can take.
This is a sign of market failure, and not market success.
The time for a new audit regime has arrived.
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typo! dragged into the mire.
Audit by lot from a much wider national list of specially registered people subject to clear law that puts jail at risk.