Auditors rally over rulebook.
Complex accounting rules and growing demands by regulators are piling on the pressure and widening the expectation gap, complained auditors this week.
A month before the Financial Services Authority becomes the UK’s official main watchdog, auditors are rallying to fight their corner. John Hitchins, partner at PricewaterhouseCoopers’ financial services arm, told Accountancy Age: ‘We’re getting a mass of rules and less informal contact (with regulators) about what the real issues are. We could miss non-compliance with a rule that regulators expect us to report on.’
The ICAEW is in talks with regulators about the need for better guidance in the banking sector, but nothing has emerged yet.
An FSA spokesman explained: ‘There are changes to the reporting requirements, but the aim of our rulebook is to make it less statutory, more flexible and more related to real problems.’
Concern among auditors centres over a lack of understanding about the audit procedure and what it can realistically achieve.
Expectations too high, say auditors www.accountancyage.com/Practice/1121288.
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article