KHAYA SITHOLE: Auditors have their work cut out to regain public trust
Twenty years ago the auditing profession faced its first big existential crisis with the demise of Arthur Andersen. Since then the profession has had various skirmishes with scandal and conflict that have reopened the debate on how best to structure a profession whose fundamental operational currency is public trust.
The year 2019 was a particularly dark one for auditors. The failures of Thomas Cook, Carillion and BHS once again caused the public to ask where the auditors were when it all went wrong. In the aftermath of the failure of Patisserie Valerie, the head of Grant Thornton — which had been the auditors of the failed bakery chain — stated that auditors are not looking for fraud when conducting audits. The natural response from aggrieved politicians was to ask: “So what exactly is the point of the audit?”..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.