Stinging criticism of auditors in the UK

Ever feel like you have no clue what it is you’re doing?  You’re not alone…and your clients have noticed.

A quote from this article from AccountancyAge in the UK really says it all:

“He said that audit firms rest ‘very heavily’ on inexperienced labour who do not tend to ask questions, and are not ‘kicking the tyres’ and understanding much about the way management thinks and functions.”

Ouch!

So is it true?  Do auditors really have no clue what they are doing?  From my perspective, I have seen on many occasions that when interns or first year auditors, who are doing the real grunt work, often had no clue what it was that they were doing and did not want to ask too many questions.  Why?  I’d say either fear of looking stupid or just not knowing what questions to even ask.  I’m sure it gets better once you’ve got a good year or two of experience under your belt, but at that point you’re no longer doing as much of the tedious, boring work that is the bulk of the testing in an audit.

Here’s the link:

http://www.accountancyage.com/accountancyage/news/2158948/fds-unhappy-audit-work

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