Auditors can't predict risks faced by a business and are not to be blamed for the collapse of banks says profession
Auditors are doing a good job, shouldn’t be expected to predict risks faced by a business and were not to blame for the collapse of banks audited by the Big Four.
That’s what senior figures from the profession are likely to say when grilled by MPs on the commons Treasury committee about their role in the banking crisis and whether a review of the audit sector is needed.
‘The auditor’s role is not to predict the future but to ensure that companies’ accounts give a true and fair view of the previous 12 months,’ says Richard Sexton, UK head of assurance at PricewaterhouseCoopers. ‘We are absolutely not asked to give an observation on future financial health of a company.’
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