For the past number of months, there has been strong speculation around how the UK Government and Competition Authorities would change Audit standards following a series of scandals which created a number of hotly debated proposals for reform.
Carillon, BHS, Patisserie Valarie – the UK’s public trust in audits is low. The Managing Partners of the Big 4 were called in front of MP committees and given somewhat of a talking to and, in response, they have agreed to ensure the independence of their audits by no longer performing non-audit work for FTSE 350 audit clients.
WHAT DOES THIS MEAN FOR ACCOUNTANTS CURRENTLY WORKING OUTSIDE THE BIG 4?
Well although the above scandals have no impact on Ireland, typically we have looked to the UK for guidance in regulatory standards and corporate code around Audit. With suggestions of ‘joint audits’ now being implemented on large FTSE clients, it could mean substantial opportunity for mid-tier firms like BDO, GT, RSM, Mazars etc. This would absolutely level the playing field to some degree in a space where 97% of the FTSE 350 are Big 4 Audit clients.
If you are currently working outside of the Big 4 then the next few years may have some pleasant surprises in store and from a career perspective, could provide you with some fantastic new audit clients to gain experience with. In the past few weeks, we have seen the announcement that Goldman Sachs, the world’s largest investment bank, has appointed Mazars to complete their European audits.
This could be the beginning of an interesting shift in the Audit space and could mean a fantastic opportunity for Auditors in Top 10 firms to gain large audit experience.
Looking for more insights into audit careers? Talk to one of our experts by completing the form below.