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.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester