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Can reform fix the UK’s auditing crisis?

Recently, Britain’s accounting and auditing services have undergone a series of high-profile scandals. In the wake of the government’s audit reform proposals, Patrick O’Donnell examines why trust in auditing has plummeted and what needs to be done to fix it

Auditing in the UK, as well as its reputation globally, has been tarnished by a slew of scandals committed by some of the country’s ‘Big Four’ key players within the accountancy sector. Major misconducts, such as the collapse of Carillion and EY’s Wirecard scandal, have put the industry on the backfoot and have resulted in the government having to step in.

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