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Putting auditors under the microscope
Past experience with companies such as Enron and Worldcom shows that auditors cannot be trusted, which is something that cannot be allowed to happen in the current crisis
Call for changes in the way audits are carried out is not theoretical, since the financial health of funding bodies - banks, mutuals, supermarkets, and others - will determine access to credit for ordinary households.
Further, this global activity we are now experiencing will eventually impact on ordinary household wealth, and therefore the day-to-day work of the typical financial adviser.
Put simply, if the UK economy drifts in to a deep recession and government and the Bank of England fail in an attempt to kick-start the economy with interest cuts and robust fiscal measure, as a nation we will be facing a deep abyss. We will sink or swim together.
Hal Austin is editor of Financial Adviser
