Submitted on Monday 26th February 2018
Rejected on Friday 2nd March 2018
Current status: Rejected
Rejection code: irrelevant (see below for details)
Prohibit the ‘Big Four’ from conducting audits on ‘public interest’ companies
As illustrated recently by Carillion and numerous other major corporate failures before it, the ‘Big Four’ independent audit opinion has been confirmed as inherently flawed. The NAO should consult audit on all outsource and utilities companies with government contract excessing £10m.
There is an inherent risk in the ‘Big Four’ conducting audits of companies where senior management are ex-‘Big Four’ themselves. A mutual understanding may mean that in return for an audit that avoids exposing the company to unwanted scrutiny, the company will ensure that there is minimal financial risk to the auditors.
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The Government e-Petitions Team gave the following reason:
This isn't something that the UK Government or Parliament could do.
If you'd like changes to the way that accountancy companies are regulated, you could start a new petition asking for a specific change.
18.191.195.57 Wed, 15 Jan 2025 11:46:21 +0000
