In an era where transparency is seen as fundamental to accountability it is inappropriate for the world’s leading auditors to be almost wholly opaque on their operations and to provide no effective reporting on their own activities when they play a fundamental role in the regulation of global capitalism.
To counter the risk that these structures impose on society we suggest that firms organised in this way:
Should be defined as being under common control, and so are single entities for group accounting purposes within the European Unio
Should be licenced as single entities for audit and taxation purposes throughout the European Union
Erm, so, gosh, that would mean that the UK could not control nor oversee the licence of, say, PwC to produce audits, wouldn’t it? Rather over-riding the sovereignty of the UK in insisting upon the standards for such services?