In the government’s auditing interim report, the firms are called upon to improve their own openness and transparency by providing better information on their processes and practices.
The report said it would ‘welcome further work on the proposition that that such firms should be required to provide this information as a condition of appointment as statutory auditors of listed or public interest companies’.
Under current partnership law, firms do not have to disclose any financial information, though there is a requirement to do so under the recently introduced limited liability partnership law.
Only two of the Big Four firms produce financial reports and accounts ? KPMG and Ernst & Young. PricewaterhouseCoopers has said it would do so once it had adopted LLP status.
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season