Auditors who think robust regulation of their sector is disproportionate deserve “the world’s smallest violin,” the head of the UK accounting watchdog has said.
Sir Jon Thompson, chief executive of the Financial Reporting Council, told a private industry meeting earlier this year that close scrutiny was appropriate for auditors who earn hundreds of thousands of pounds a year and “can buy a Ferrari”, people who were in the room or were later briefed on his comments told the Financial Times.
Thompson said that if auditors did not want to face such pressure, they should do a better job, these people added. Attendees were “taken aback” by Thompson’s comments, said one person present.
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