News Article - 17 August 2006
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The Audit Inspection Unit (AIU) has raised concerns about the levels of documentation made by firms in what is believed to be its last general report of this kind.

In examining the documents produced by nine companies, the unit indicated that the quality of recordings was questionable and suggested that the situation needed to be rectified in the future.

Among the companies examined were those within the financial, banking and investment sectors, as well as others from the retail and consumer products sectors.

One instance pointed out by the body related to where a partner had left a firm to join another and left a two year gap in-between, during which time it was not clear if the person had remained at the company's "chain of command".

Accountancy Magazine suggests that the person is question was Barclays' new financial director Chris Lucas.

In response to the firm's clarification of the situation, the AIU advised that businesses need to better clarify the term "chain of command".

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