Tier 1 audit firms de-risking their portfolios

Topics related to universal accounting principles and best practices, local GAAP, audit, laws and regulations affecting financial reporting, and other financial reporting topics.
This is also the appropriate forum for beginners to ask any questions, even if they pertain to IFRS.
Post Reply
User avatar
Marek Muc
Site Admin
Posts: 3258
Joined: 15 Oct 2018, 17:21
Contact:
Contact Marek Muc

Tier 1 audit firms de-risking their portfolios

Post by Marek Muc »

Firstly, regulators impose hefty fines on audit firms, then....
audit derisking.png
https://www.frc.org.uk/getattachment/26 ... y-2022.pdf
Top
JRSB
Trusted Expert
Posts: 1324
Joined: 01 Mar 2020, 01:10
Location: UK

Re: Tier 1 audit firms de-risking their portfolios

Post by JRSB »

Hmm what did they think would happen, as you say.
The only option is much higher fees in Tier 2 so that FRC requirements can be met so service higher risk clients.
Almost all Top 10 firms in the UK have had big fines levied in the last couple of years. GT and Hacker Young in the last week...., pwc x 2 last month, KPMG the month before that...
Top
Post Reply

Return to “General accounting and financial reporting discussion”