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British Industry – Accountancy & audit

British Industry – Accountancy & audit

by Rick Turoczy on December 3, 2004

And like much originating in the United States, the repercussions of this titanic debacle were felt immediately on this side of the Atlantic. If Britain had been spared the financial sleight of hand that undid Enron and WorldCom, our own Government had little choice but to undertake some (as it turned out, modest) re-tuning of its own, once the US started to clean up Wall Street and company boardrooms.

Kevin Narain, lead practice director, Europe, with City-based Parsons Consulting, observes in the impact and reverberation of Sarbanes-Oxley the emergence of ‘a rich seam in the ever-expanding gold mine of non-audit advisory services.’ And the accountancy industry itself has hardly been caught flat-footed. ‘While conflicts of interest are supposed, ostensibly to prevent external auditors from ‘cashing in’ on Sarbanes compliance from their clients, a whole new industry has developed, with accounting firm A helping company B (a non-audit client) and accounting firm B helping company A, etc.’

British Industry – Accountancy & audit: “Sarbanes”

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