Nothing less than a rewrite of the rules of accounting is required

I have just noted the problems with auditing that have been reported in the financial press this morning. So has the FT. But as it, rather wisely, notes: Rubbish auditors may not be the only problem. The FRC should worry about rubbish accounting standards too. The discussion in the FT is about how Carillion almost halved in value as a result of a change in …

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