Bonus Cuts Expected By City Auditors

Tue, 02 Jun 2009

The majority of City auditors expect to see their bonuses slashed this year due to the current economic climate, new research has revealed.

A study by GRS Compliance found that 64 per cent of those working in the sector expect their 2009 bonus to be lower than the amount received last year, while a further 18 per cent predict no change.

Rowan Crooks, a consultant at the firm, stated that this expectation was indicative of a financial services sector which is struggling as a whole.

"It's bad out there - even in supposedly safe sectors like audit . People are expecting their bonuses to be much lower," he said.

Last week, Prem Sikka, professor of accounting at Essex University, called for the government to resist calls to give the Big 4 accountancy firms greater protection against lawsuits.

He warned that audit liability protection for the companies would allow them to "walk away from their own failures" and put shareholders at greater risk.
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