Deloitte has been ordered to pay a record fine of £15 million, plus legal costs of £5.6 million, for committing serious misconduct when it audited Autonomy, a former FTSE 100 technology group at the centre of one of an enormous accounting scandal.
The Big Four accounting firms should be broken up, and auditors should be banned by Statute from selling extras. Moreover, the State should buy a stake in every FTSE 500 company, large enough to secure Board-level representation, for the exercise of which both the First Lord of the Treasury and the Chancellor of the Exchequer would be accountable to the House of Commons.
After any investment in public services, then the dividends would be distributed equally to everyone, through the same infrastructure that paid the Universal Basic Income, which the impending second national lockdown has made inevitable.
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