Still, auditors have garnered more than their share of unwanted attention after a string of scandals, company collapses and fines from regulators.
The FRC has nine ongoing investigations into audits by the Big Four.
The exit this month of the watchdog’s chairman, Simon Dingemans, over a conflict between his part-time job at the FRC and his ambition to hold other private sector positions, has added to questions over whether the quest to reform the industry could stall.
Dingemans wanted the Big Four to partially split their audit operations from the rest of the business to increase transparency and improve independence.
“People like Simon don’t come along like buses,” says Izza. “The fact that the Government has got to start looking for someone to replace him is disappointing. It will undoubtedly slow things down a bit.”
Privately, auditors fear that the political challenges of responding to Covid-19 and preparing for the expiry of the Brexit transition period in December will take precedence over legislation to reform the industry and beef up its regulator.
But the reputational damage from accounting scandals at the likes of retailer BHS was so great that auditors are keen to press ahead with reform.
If there is serious delay, investors could demand that auditors change their ways before lawmakers do.
“Covid-19 must be a catalyst for pushing on with, not waiting for, much needed audit reform,” says Griggs at Deloitte.
Staff at the Big Four will have plenty of other changes to get used to, too. Taking the lift at its Canary Wharf headquarters may normally be a networking opportunity for KPMG’s consultants. But Purchas says that to reduce the spread of Covid-19 in elevators, they will be asked to face the wall instead.