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Editor's letter - If this doesn't cap it all.
(From Financial Director)
It's tempting for us to say that the best thing about the Office of Fair Trading's recent report on the competition implications of a cap on auditor liability is their source of data: large tracts of their report draw on the annual Financial Director Audit Fees Survey. We're pleased to have been of service, but a little bemused by the results.
It's hardly surprising, really. In its infinite wisdom, the DTI gave the OFT all of three weeks in which to investigate, analyse and report. Less time than most sixth-formers get to produce a half-decent dissertation, in other words. The howls of outrage from the accountancy profession - the fee-earning side of the accountancy profession, that is, as opposed to the fee-paying side - were predictable, as were the factual errors and the points of misunderstanding. DTI under-minister Jacqui Smith was clearly teed up for a "big announcement" at July's ICAEW annual conference, and so the idea of kicking the liability cap issue to the OFT was a great way of being seen to be doing ...
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