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Problems and difficulties currently experienced by auditing firms, their long-term sustainability and their social responsibility. David Fisher April 2007.

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Presentation on theme: "Problems and difficulties currently experienced by auditing firms, their long-term sustainability and their social responsibility. David Fisher April 2007."— Presentation transcript:

1 Problems and difficulties currently experienced by auditing firms, their long-term sustainability and their social responsibility. David Fisher April 2007

2 © Grant Thornton International. All rights reserved. Why do we need a strong profession? How have we changed? What are the main issues? How do we stay viable?

3 © Grant Thornton International. All rights reserved. Why is the profession important? Main market 1622 companies (330 overseas) £4,307 billion market capitalisation AIM 1634 companies (306 overseas) £90 billion market capitalisation

4 © Grant Thornton International. All rights reserved. The changes Cooper Bros DeloittePWC Price Waterhouse Touche RossDeloitte Arthur Andersen

5 © Grant Thornton International. All rights reserved. Why the changes Commercial clients. Economic IT professional indemnity space constraints.

6 © Grant Thornton International. All rights reserved. The major issues disproportionate legislation private litigation talent.

7 © Grant Thornton International. All rights reserved. Disproportionate legislation measured and proportionate companies criminally liable for their staff systemic failure at firm level.

8 © Grant Thornton International. All rights reserved. Private litigation 69 claims outstanding 23 between US$10 to 30 million 11 between US$200 to US$1 billion 5 in excess of US$1 billion. Less insurance available

9 © Grant Thornton International. All rights reserved. Retaining talent 67% say less attractive than 2 years ago 20/20 hindsight valued members of the community.

10 © Grant Thornton International. All rights reserved. How do we stay viable? respond to regulators respond to business community and our staff.

11 © Grant Thornton International. All rights reserved. The regulators a global protocol continuous reviews multi-disciplinary partnerships.

12 © Grant Thornton International. All rights reserved. The wider community it's not just business transparency corporate responsibility.

13 © Grant Thornton International. All rights reserved. Corporate responsibility environment workplace (our people) community marketplace (our clients and suppliers).

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