Your recent series on auditing services (The Big Flaw: Auditing in Crisis) identified serious problems in the sector around the world, including the excessive dominance of the Big Four firms, poor quality audits, and conflicts of interest arising from non-audit services. It is encouraging that Michael Izza’s letter yesterday signals that the profession acknowledges reform is needed. I fear, however, that your proposed cure—capping the number of audit clients any one firm can have—misses the mark….
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