Directors cautious in wake of Enron and WorldCom

A
new poll has found that Britain’s financial bosses are unwilling to pay more to
guarantee the integrity of audits, despite the high profile Enron and WorldCom
scandals.

More
than two-thirds (70 per cent) of financial directors polled said they wouldn’t
pay more for financial integrity – with 47 per cent definitely unwilling and 23
per cent admitting they were unlikely to do so.

The
poll, conducted by Reed Executive, found that only 10 per cent of the 122
directors surveyed would invest more for peace of mind.

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Many
of those questioned said they were unwilling to pay more because auditors
should provide an honest picture as part of their job.

By Ross Wigham