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Credit crunch = audit crunch
Can't help thinking there are some nervous FDs out there thinking about their annual audit and wondering how they stop their credit crunch popping up on the balance sheet and spoiling Christmas.
After warnings this week from the FRC, and from KPMG chairman John Griffith-Jones, that the credit crunch will be a test for auditors and FDs alike, the pressure is really on to come clean about the state of the accounts.
In fact, we could see auditors become absolutely brutal in forcing their clients to do the right thing. I can imagine 2008 becoming the year in which auditor/client relationships could be strained as never before.
Dare I suggest it could be the moment that challenges the view, all be it misguided, that client/auditor relations are much to cosy.
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Meanwhile the public finance crunch (with an intensification of funding pressures resulting from the Comprehensive Spending Review) may well lead to an audit crunch in the public sector.
Posted by :Bob Deed | January 20, 2008 5:35 PM