31 months and how much change have we seen?

by admin on May 1, 2009

I can’t recall who pinged me with this from the FT in 2006:

From our perspective, the accounting profession has not worked hard enough at protecting small businesses and caved in to pressure from political elements.

While many businesses have cut overhead and staff costs by the use of technology, the accounting profession, while stating that they too are moving with the times, end up greatly increasing their costs to clients.

With the availability of the internet, why cannot the profession constantly and automatically update clients’ accounts for audit purposes so that hours of wasted time in travelling and checking clients’ work can be cut and thus costs saved?

No such recommendations have come our way nor advice in time to create such opportunities.

It sounds painfully familiar, 31 months on in 2009.

Tagged as: Small business

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alex

Dennis and Stuart

The fact that the big 4 have been lobbying HM T recently to get them off the hook for their ( non ) audit of the banks and other financial institution is further testament to the lack of competition, innovation and creativity. Was it £ 17,000,000 of audit fees for RBS ?

The dinosaurs will probably survive a bit longer ; they do have large budgets to wine & dine both government, NEDs and their clients.

I am not quite sure what they have done for the shareholders, other than be asleep with the rest of the gate-keepers.

Will BPP and the CA trainers take it as a case study ? It would be interesting to hear from any junior Big 4 employees whether they actually did any auditing, in the true sense of the word, between 2004 and 2009 at financial institutions ?

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