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.
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