Only big fines will change how the auditors audit

Splitting a firm's audit and consulting functions has merit but only large penalties will affect proper change•Watchdog finds work of Patisserie Valerie auditor unacceptable This time last year the Financial Reporting Council tried to read the riot act to the auditing industry. Standards, which were already too low, had fallen, the regulator's inspectors reported. The Big Four firms were told to "act swiftly to reverse the decline". KMPG (famous audit: Carillion) was the worst of the bunch and...