Who audits the auditors?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 3 September 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
The UK blocks some arms shipments to Israel, audit firms are fighting against new oversight rules in the US, and the same technology that brought us Covid-19 vaccines could also be used to fight cancer. Plus, the Oasis revival tour is so popular it triggered a UK investigation into Ticketmaster.
Mentioned in this podcast:
UK to halt exports of some arms to Israel citing possible law breaches External Link
The Covid-era tech that could reinvent cancer care
Accountancy firms fight back against audit reforms
UK government to probe ‘dynamic’ pricing behind Oasis ticket price surge
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. UK. Good morning from the Financial Times. Today is Tuesday, September 3rd, and this is your |
| 0:18.2 | F.T. news briefing. The UK has blocked the export of some arms to Israel and US audit firms are putting up a fight against more regulation. |
| 0:30.0 | Plus, the technology used to make the COVID vaccine could soon help fight cancer. |
| 0:36.3 | I'm Sonia Hudson, and here's the news you need to start your day. The The UK says it will suspend 30 export licenses to Israel for arms used in Gaza. |
| 1:03.0 | A government review found there was a risk that some of these exports were being |
| 1:07.2 | used to violate international humanitarian law. |
| 1:11.2 | There are about 350 active arms export licenses to Israel right now. |
| 1:15.8 | The US and Germany export far more arms than the UK does, but this decision is still |
| 1:22.2 | a big blow diplomatically. |
| 1:24.0 | It only adds to the pressure that Israel is facing from its Western allies |
| 1:28.0 | over the war in Gaza. accounting firms like PWC and Deloitte are used to pouring over a company's books, but who audits the auditors? It's a US regulator called |
| 1:46.2 | the Public Company Accounting Oversight Board or PCA-O-B, say that five times fast, |
| 1:51.8 | and the two groups are in a bit of a standoff right now. |
| 1:55.6 | That's because the PC AOB wants to impose a new rule that'll add another layer of scrutiny. |
| 2:02.0 | I'm joined now by the FT's U.S. accounting editor |
| 2:05.3 | Stephen Foley. Hi Stephen. Hi Stephen, hi there, good to be back. So Stephen right |
| 2:09.6 | now the PC AOB investigates these auditors, but what kind of additional oversight do they want these |
| 2:16.1 | firms to have? |
| 2:17.1 | Well, the PCAOB is trying to mandate that every firm that audits a lot of public companies has their own |
| 2:24.3 | board with external members that will be looking at how they run their audits and |
... |
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