Reuters (August 3)
Approximately 35% of companies in the S&P500 have used the same audit firm for 25 years or more. In fact, “Goldman Sachs has stuck with the same auditing firm since 1926, Coca Cola since 1921, General Electric since 1909 and Procter & Gamble since 1890.” Reformers argue that rotation should be required to increase scrutiny, but many oppose such a requirement.
Tags: Audit firms, Coca Cola, GE, Goldman Sachs, P&G, Rotation, S&P500, Scrutiny
The Daily Telegraph (August 3)
In the UK, “unemployment will be permanently higher than its pre-recession level once the economy is back to full strength due to the ‘scar’ left by the financial crisis.” Full employment will now be achieved when unemployment reaches 6.2%. Before the crisis, this was 5.25%. Findings by the respected National Institute of Economic & Social Research (NIESR) suggest “an increase of that size would put 300,000 more people permanently on the dole.”
Tags: Financial Criss, Full employment, UK, Unemployment
