The fallacy of the brand. Should we still trust in big blue chip brands that don’t deliver anything of value?
Great article in the independent about the need to keep asking the tough questions on business.
“The life of an auditor seems to be a charmed one. You pick up large fees for “checking” the books of your client. But when the company collapses you don’t share any of the financial pain or blame. But what is the point of audit without accountability? It’s no use to shareholders. It’s no use to employees and pensioners of the company. It’s no use to other stakeholders, such as suppliers and customers. The only value, at least the only value that’s discernible from a glance at the dismal past decade, is to the senior managers of the client firm and, of course, to the auditors themselves” Ben Chu
Have a guess who investigates auditors when things go wrong? The Financial Reporting Council of ex-auditors and ex-customers of auditors. A job where you are neither responsible nor accountable is money for old rope. Is this what capitalism and business is really about? Closed networks and gaming the system?