It’s only Monday and already we have an article that beggars belief. PwC’s soon to be crowned (tomorrow actually) chief Ian Powell comes out with this stonkingly dopey statement:
Mr Powell said limiting auditor liability was the key to helping newcomers develop and for alleviating the risk of a firm collapsing. The profession has long complained about the unlimited liability it carries and the risk that one case could bring down an entire firm.
The UK now permits auditors to agree liability limits with their clients, but the industry has been waiting for guidance from the Financial Reporting Council, due today, before pressing ahead.
“That’s the biggest protection that we could create for ourselves with our clients, to make sure that they do get their choice [of auditor] going forward,” he said.
These dopes, along with the other Big Four firms can’t even find the right person to join with other Top 50 firms to discuss important issues around IT. And this bastion of the profession expects its clients to simply suck this statement up? Perhaps it should’ve been rephrased to read: “We haven’t a fskin clue what we’re doing, you don’t either so let’s not rock the boat. Yeah – we’re going to be pulling consultants out our ass faster than you can say Sarbanes-Oxley. And that’ll be an extra 15% please.”
Powell was extolling the virtues of being ‘agile. Perhaps he would have been better advised to study the cartoon from Hugh that heads this post? Or the story from which it is taken?
In other news, Spain won the UEFA cup – honest – they did.
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