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Niall Hearty’s concerns about Auditing are published by Thomson Reuters

Author: Niall Hearty  18 June 2024

Posted in : Regulated Professionals .

Niall Hearty wrote a piece that examined problems relating to the auditing profession.

In his article, which was published by Thomson Reuters’ Regulatory Intelligence, Niall highlights the fact that the Financial Reporting Council (FRC) has fined firms a total of over £9 million for their failed auditing of collapsed bond company London Capital and Finance. 

He also cites research from a University of Sheffield think-tank which shows that since 2010 audit firms have failed to raise the alarm on 75% of the UK’s biggest corporate collapses. 

Niall outlines the duty of an auditor to “include a going-concern warning if they believe there is a risk that the company may go bankrupt’’ and adds that “these figures have to be viewed as a cause for concern.’’

He details some of the UK’s most high-profile recent corporate failures and the need for more effective regulation. He says that companies being able to avoid proper scrutiny cannot be good for either their long-term health or for UK business as a whole.

The whole article can be read here.

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Niall has a wealth of corporate crime expertise and an ability to coordinate global bribery and corruption cases. His achievements in such investigations have made him a logical choice for corporate clients.

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