The ranks of the FTSE 100 audit committee chairmen are packed with some of the biggest names in the accountancy world. But are they too close to their auditors? Liz Fisher reports.

The fallout from various corporate scandals over the years has resulted in a sharp rise in the responsibilities – and expectations – of large companies’ audit committees. From the appointment of the external auditor to the end of the audit process, the audit committee follows and monitors every step.

Given such a close relationship between audit committee and external auditor, as well as the power of the committee to award or deny lucrative work to accountancy firms, non-executive directors are extraordinarily sensitive to any hint of bias or ‘jobs for the boys’.

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