Auditing is a public service. It is not an option that directors can exercise if they so choose. If the law did not impose it, would all FTSE boards willingly allocate a million pounds to have an audit? Would shareholders support them?

The statutory imposition on companies to have their accounts audited is likewise an imposition on their auditors to do the job properly. This must be the starting position when considering reforms that will improve audit work - in particular by breaking the vice-like grip of the Big Four firms and allowing competition in.