Fair play to the Financial Reporting Council, TS thinks. The watchdog may have come in for a bit of stick recently, but at last week’s meeting on audit competition it was unequivocal on the way forward.

Companies and investors may be concerned over lack of competition, but when running through the findings of the report into audit choice, oversight board director Paul George was there to show some mettle. Talking us through a slideshow of findings, he eventually came to the crunch point.

‘And what are we going do to?’ he stated to accounting’s glitterati before clicking on his computer to move on his power point presentation. Cue a black screen with the words ‘end of slideshow’.

You can’t say that the FRC isn’t honest!