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AIU disclosure amazes PwC
TS was somewhat surprised to see the Audit Inspection Unit mention in its most recent report the case of a ‘partner’ in a firm who, after the recommended two-year period, had gone on to become FD of a ‘major listed audit client’. The AIU made nothing significant of it, but the case was pretty clearly that of Chris Lucas, who left PwC to join Barclays.
PwC was surprised too. ‘We were amazed that [the AIU] had it in,’ said TS’s contact at the nation’s biggest firm.
The AIU concluded there wasn’t a problem, but said the firm in question
had failed to understand its own ‘chain of command’, in order to
establish a possible conflict of interest.
In 2008, the AIU will produce individual reports, and there are fears
that comments may expose which companies have been scrutinised. ‘Next
year, the production will have to be more professional,’ said our PwC
source.
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