by Thea Foster Owner Added Value Corporation – www.addedvalue.com.au
I was interested to see the AFR article from Wednesday November 13 on page 35.
The heading is “CFO’s look for more risk from auditors”. Interestingly it appears the CFO’s “criticised some audit firms for protecting their own backsides at the expense of client interest”. It was further added “[they] are very focused on reducing their own risk and liability”.
I raised this article and the CFO comments with the members of my TAP Audit NSW Group, during our meeting on Thursday. The reaction was rather limited given most members of TAP Audit Group do not audit listed entities or if they do they only have a few listed companies and certainly not the top ASX 50. Even so, it was thought asking auditors to potentially take on more risk and liability seems to be a rather “courageous” request. One thinks of the smart response “well they would say that, wouldn’t they”
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