Deserved it may be, but the massive reputational battering of Big Four brands does nothing for the audit profession’s standing. Since those firms appear to be quite capable of bearing the financial consequences of their errors - indeed, their own financial strength exceeds that of many clients – the remedy must lie elsewhere.

Consider the textbook distinction between limited companies and partnerships. The former have always required a statutory audit as protection for creditors since, by definition, their members’ liability is limited to the amount of share capital they have agreed to subscribe.

In partnerships (a form of business combination recognised for over 500 years), partners ultimately face joint and several (collective and individual) liability for the whole of the partnership’s debts. Misjudgments, or worse, of other partners could ultimately culminate in personal bankruptcies.