The auditing profession has come out of the credit crunch relatively unscathed, with few observers blaming firms for failing to spot the problems that got banks into difficulty, according to Paul Boyle, chief executive of Britain’s Financial Reporting Council. “So far, at least, auditing has had a good crisis,” Boyle said in a speech on early lessons to learn from the financial turmoil.
“I have heard some criticism of the work of auditors, but they have been a mix of the ‘too lax’ and ‘too strict’ varieties of criticism,” Boyle said. He called for critics of auditors to be more precise about their complaints.
