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Audit reform urgently needed to remedy glacial progress
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Costain’s financial results for 2020 have been delayed after its auditor requested more time to finish its work.
The contractor’s results for the year ending 31 December 2020 will now be published on 16 March, one week later than the initially planned date of 9 March. In a brief market statement, the company said it was delaying publication after its auditor, PwC, said it needed more time. The accountant said the impact of the pandemic and working-from-home arrangements had slowed down the auditing process.
This is the second time PwC has had to ask a construction client for more time to go through their results due to the pandemic. Vistry was forced to move its results back from 25 February to 4 March for the same reason.
Mountain to climb for accountants amid most demanding audit season in decades
Auditors turn to the virtual world to meet the twin challenges of lockdown and the rising tide of businesses on the brink
This winter could well be the toughest audit and reporting season for decades
For many white collar professionals, working from home has offered a welcome chance to avoid having the boss looking over their shoulder. Not so at the Big Four accounting firms.
Partners have been setting up “virtual audit rooms” – video meetings where teams stay online throughout the day and pipe up if they have questions while they work in the background.
Mandatory firm rotation (MFR) audit rules have had “very little” impact, don’t create more competition between audit firms and instead increase concentration in the market, says Mazars’ UK head of PIE and global head of audit, David Herbinet.
MFR was brought in by the Financial Reporting Council (FRC) in October 2012, requiring firms in the FTSE 350 to put their audit out to tender every 10 years.
“There has been very little impact,” says Herbinet. “If anything, there is increased concentration, as opposed to less.
“What mandatory firm rotation has actually achieved is that where the non-Big Four firms had clients in these markets, they’ve been forced to lose them. So, if you’re not winning new ones and you lose your existing ones, it can only lead to increased concentration,” he adds.
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