1 / 13

Why do we need a strong profession? How have we changed? What are the main issues?

Problems and difficulties currently experienced by auditing firms, their long-term sustainability and their social responsibility. David Fisher April 2007. Why do we need a strong profession? How have we changed? What are the main issues? How do we stay viable?.

ella-kirkland
Download Presentation

Why do we need a strong profession? How have we changed? What are the main issues?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Problems and difficulties currently experienced by auditing firms, their long-term sustainability and their social responsibility.David FisherApril 2007

  2. Why do we need a strong profession? How have we changed? What are the main issues? How do we stay viable?

  3. Why is the profession important? Main market 1622 companies (330 overseas) £4,307 billion market capitalisation AIM 1634 companies (306 overseas) £90 billion market capitalisation

  4. The changes Cooper Bros Deloitte PWC Price Waterhouse Touche Ross Deloitte Arthur Andersen

  5. Why the changes Commercial • clients. Economic • IT • professional indemnity • space constraints.

  6. The major issues • disproportionate legislation • private litigation • talent.

  7. Disproportionate legislation • measured and proportionate • companies criminally liable for their staff • systemic failure at firm level.

  8. Private litigation • 69 claims outstanding • 23 between US$10 to 30 million • 11 between US$200 to US$1 billion • 5 in excess of US$1 billion. Less insurance available

  9. Retaining talent • 67% say less attractive than 2 years ago • 20/20 hindsight • valued members of the community.

  10. How do we stay viable? • respond to regulators • respond to business community and our staff.

  11. The regulators • a global protocol • continuous reviews • multi-disciplinary partnerships.

  12. The wider community • it's not just business • transparency • corporate responsibility.

  13. Corporate responsibility • environment • workplace (our people) • community • marketplace (our clients and suppliers).

More Related