{"id":4731,"date":"2009-09-08T09:50:53","date_gmt":"2009-09-08T07:50:53","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=4731"},"modified":"2009-09-08T09:50:53","modified_gmt":"2009-09-08T07:50:53","slug":"ftcom-lex-financial-services-property-accounting-firms","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/09\/08\/ftcom-lex-financial-services-property-accounting-firms\/","title":{"rendered":"FT.com \/ Lex \/ Financial services &#038; property &#8211; Accounting firms"},"content":{"rendered":"<p><a href=\"http:\/\/www.ft.com\/cms\/s\/3\/3b6c0aae-9b88-11de-b214-00144feabdc0.html\">FT.com \/ Lex \/ Financial services &amp; property - Accounting firms<\/a>.<\/p>\n<p>The accountnacy firms are ona  charm offensive. PWC spread <a href=\"http:\/\/business.timesonline.co.uk\/tol\/business\/industry_sectors\/banking_and_finance\/article6823182.ece\" target=\"_blank\">considerable misinformation<\/a> on country-by-country reporting in the Sunday Times. Now the FT says:<\/p>\n<blockquote><p>Accountants are enjoying a placid recession.<\/p><\/blockquote>\n<p>It adds:<\/p>\n<blockquote><p>Arguably, though, the most important asset accountants have maintained in this recession is their reputation.<\/p>\n<p>In some ways it is surprising that the downturn has not notched up a big accounting scandal. The reasons are two-fold. First, firms and their auditors have become more conservative since the Enron and WorldCom accounting debacles. Second, <a class=\"bodystrong\" title=\"Sarbanes-Oxley Act definition from Financial Times Lexicon\" href=\"http:\/\/lexicon.ft.com\/term.asp?t=Sarbanes_Oxley-Act\" target=\"_blank\">Sarbanes-Oxley<\/a> in the US and harmonised reporting standards elsewhere have forced greater disclosure requirements. With this has come more work for accounting firms. Indeed, strong recruiting has continued through the downturn.<\/p><\/blockquote>\n<p>No mention of Satyam for PWC.<\/p>\n<p>No mention of the fact that PWC failed to notice Norther Rock was bust. Indeed, much of British and workldwide banking was bust.<\/p>\n<p>It was auditor's jobs to do that. They failed.<\/p>\n<p>The model of Big 4 accounting has failed. We have not swept it aside. It's another reason why another crash will happen sooner rathr than later.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FT.com \/ Lex \/ Financial services &amp; property &#8211; Accounting firms. The accountnacy firms are ona charm offensive. PWC spread considerable misinformation on country-by-country reporting<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/09\/08\/ftcom-lex-financial-services-property-accounting-firms\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,81,8],"tags":[],"class_list":["post-4731","post","type-post","status-publish","format-standard","hentry","category-accounting","category-auditing","category-pwc"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/4731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=4731"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/4731\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=4731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=4731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=4731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}