The Audit Commission was by no means perfect, but it was not embroiled in the number of financial scandals that the big four accountancy firms have been. Questions need to be asked about why these companies have repeatedly been found not to be doing their jobs properly; whether the motive to make money has anything to do with that, and whether a publicly owned body that audits banks and big corporations may be necessary. The collapse of BHS resulted in 11,000 job losses: the negligence of these firms has real impacts on people’s livelihoods and families. Perhaps it’s time to bring them under public control.
The accusation that BHS’ auditors were negligent is a pretty important statement, isn’t it?