Banking agreements requiring businesses to use a Big Four auditor make FDs re-examine mid-tier values, finds Richard Hemming
The emergence of evidence that clauses in some UK banking covenants require companies to use only a Big Four accounting firm for their auditing needs – not a mid-tier or other player – has added fuel to the wider philosophical discussion around the way the audit world operates and the value it brings to business.
Finance directors’ concerns have been exacerbated by the association some of those firms have with a number of high-profile and controversial cases of accounting errors or trickery – and by increasingly sceptical regulators.
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