Richard Murphy is a visiting professor in accounting at Sheffield University. Based on the limited public information available on King & King, he questions whether a firm of its size could maintain its independence from Gupta. “I always felt as an auditor that I could walk away from a client and say: ‘Well you don’t agree with me. I don’t care, you are no longer a client.’ And I did so,” he says.
The professional body the ICAEW confirms that King & King has just two chartered accountants. A third has a certified accountancy qualification. Companies House filings disclose more directors, but provide no further information on their qualifications.
Murphy explains that a three-partner firm mitigates the risk that objectivity towards any single client is compromised. He says: “It isn’t possible for a two-partner firm to undertake this audit because it is inevitable that given the significance of that client to that firm, both partners will be involved. Therefore there is no independent third-party view to hold other partners to account.”
How many partners were there at Murphy, Deeks, Nolan?
We have a corollary here, the rich who must be taxed more are those making 10% more than the demander, the correct number of partners is the number I had…..