Jim Muir, Director at AutoRek says:
‘The recent record fine on PwC (£1.4m…) was not unexpected – perhaps less in the specifics than in the trend. For years the audit profession has complained of management not accepting responsibility for corporate failings and the stakeholders (legislators, creditors, shareholders) attacking the firms for not good reason other than their “deep pockets”. This is not the end of these sanctions against firms who sign off on procedures and calculations for investment companies to assure that they are compliant with client money provisions, it can surely only be a matter of time before some of those responsible for the sign off (internally inside the management structures and within the audit firms) are banned or possibly even criminally prosecuted.’
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