The Trader 

Market Outlook: Auditors on the rack

The Trader

City AM reports today that UK MPs, working on a joint select committee looking into the failure of Carillion, said auditing firms were ‘feasting on what was soon to become a carcass’ and this image ‘will not be lost on decent citizens’.  Frank Filed, work & pensions committee member said, PwC had ‘managed to play all three sides’ doing auditing, advising on pensions, and acting as special manager in the liquidation of Carillion.  Over at KPMG, the Financial Times reports that the value of public sector contracts awarded fell by 80 per cent since 2015, scandals surrounding the Gupta family getting the ball rolling.

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