Bourn calls for beefing up of Foundation
Sir John Bourn, chairman of the Accountancy Foundation's review board, wants to see greater powers transferred to the independent regulator.
Link: Hewitt sets agenda for Foundation changes
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.