Company accounts have become works of fiction, according to the chairwoman of the House of Commons’ Business Committee, which is to launch an investigation into the state of auditing in Britain, reported Reuters.
Rachel Reeves, chair of Parliament’s Business Select Committee, said accounting scandals at construction firm Carillion, retailer BHS, and cafe chain Patisserie Valerie showed that lawmakers must get involved to push through change.
The Competition and Markets Authority (CMA) is due to report findings from its fast-track investigation of auditing, a sector where Deloitte, PwC, EY, and KPMG check the books of 341 of Britain’s top 350 listed companies.
Full Content: Reuters
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