Bourn, who is also head of public spending watchdog, the National Audit Office, called for the abolition of the profession’s right to veto certain proposals made by the Foundation and said he would like to see a greater budget given to the Foundation.
This, he said, would help ensure an Enron-style disaster did not happen in Britain, according to a report in the FT today.
The biggest concern within government and business at present is that auditor independence is being undermined by audit firms that provide both audit and non-audit work to the same client.
The Accountancy Foundation is currently under a government review. A consultation document released last month by the DTI, will look at the structure and funding of the Foundation and whether the profession should continue to set its own ethical standard or bring in independent oversight and intervention.
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process