Page 28 - Auditors Article

One final question is that related to scepticism. Did Grant

Thornton display an appropriate level of scepticism in its
engagement with Patisserie Holding’s accounts?

Given the result, the collapse of the company, it would seem

they have a lot to answer for.

“Despite their inability to spot the flaws in the financial
statements of banks which led to the 2007-08 financial crash,

the auditing industry escaped meaningful reforms.” [Sikka, P
2019] However, as Murray observed “Nearly all the public interest

financial reporting crises of this century are rooted in undetected
fraud and/or going-concern determinations”. [Murray, R., 2019]