A new survey collects Big Four auditors' honest appraisals of their clients' shortcomings
We recently asked 172 partners at the Big Four firms across Europe for their honest appraisal of their clients' biggest shortcomings. Fix these problems, auditors say, and audits will go more smoothly, relationships with auditors will improve and, possibly, fees will fall. The best comments are below. Which apply to you and your company?
Time trials
• "Setting unrealistic deadlines (e.g., setting the preliminary announcement date unrealistically early), which means that client companies do not allow themselves sufficient time to review information before it is presented to the auditors for audit."
• "Being too optimistic about financial results and communicating these too early."
• "Insisting on tight deadlines but being late in preparing for the audit."
• "Not keeping to the timetable—particularly around the preparation of the glossy financial statements."
• "Late and numerous adjustments to the preliminary announcement by non-finance individuals."
• "Unscheduled absences of key client personnel, both in the accounting department and other functions."
See full Article.
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