The downfall of Credit Suisse has raised serious concerns about auditor independence, particularly regarding PricewaterhouseCoopers (PWC), which saw a significant increase in audit fees despite the bank's financial turmoil. The Financial Market Authority (FINMA) is now advocating for a system change to enhance auditor independence, as current practices create dependencies that may compromise critical oversight. This situation echoes past criticisms of auditing firms, notably following the Swissair bankruptcy, where PWC was also involved.
The downfall of Credit Suisse has raised serious concerns about auditor independence, particularly regarding PricewaterhouseCoopers (PWC), which saw a significant increase in audit fees despite the bank's financial turmoil. The Financial Market Authority (FINMA) is advocating for a system change to ensure auditors are less dependent on their clients, as evidenced by PWC's failure to adequately address critical accounting issues leading to substantial losses for CS. This situation echoes past criticisms of auditing practices, highlighting a persistent need for reform in the industry.
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