It was a pleasure to speak to Harry Deacon for an article in Accountancy Today discussing the FRC’s audit reform proposals, and why mid-tier auditors are intrinsically linked to any changes despite the Big Four gaining all of the headlines.
As I mention in the article, the issue of underperforming auditors leading to audit failures goes beyond just the Big Four and largest mid-tier firms. The big firms are the ones that grab the headlines because they’re dealing with household names, but I get to read the various rulings that circulate via the FRC where people have messed up and there are lots of smaller firms there as well, we just don’t know the names of their clients.
For the smaller firms and mid-sized firms to get that experience in house, it’s incredibly expensive, particularly whilst it’s not just the Big Four that have those skills now. The top mid-tier are trying to get those people, so there’s a bit of a drain of specialists into those mid-tier firms.
Find out more here: Accountancy Today – Let us not forget the mid-tier auditors