A damning report into company audits will reveal significant failings after corporate scandals that have wiped out thousands of shareholders and left taxpayers footing the bill.
The bleak review – which the accounting watchdog could publish as soon as this week – comes after the spectacular downfall of Greensill Capital, which counted David Cameron as an adviser until it filed for administration in March.
The Mail on Sunday can reveal that the Financial Reporting Council's report will show nearly a third of the company audits it has examined have failed its quality test or have fallen woefully short.
Dark days: The Financial Reporting Council's report will show nearly a third of the company audits it has examined have failed its quality test or have fallen woefully short