MID-TIER FIRMS' international chiefs have issued a joint plea for radical reform of the audit market.
The heads of BDO, Grant Thornton, Mazars and RSM International have asked European Union markets commissioner Michel Barnier (pictured) to maintain his stance for wide-sweeping changes to the audit market.
His plans to force through joint audits, mandatory rotation and split up the firms into "audit-only" are expected to be watered down, reports the Financial Times. After intense lobbying from the firms and other business representatives, Joint audit is likely to be dropped, while firms could be blocked from selling consultancy work to clients.
Grant Thornton International chief executive Ed Nusbaum said the early draft proposals were more favourable. "We believe that the proposals coming out of the commission benefit investors," he said.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.