The US Securities and Exchange Commission has embarked on something of a clampdown to enforce auditor independence rules.
Feathers were initially slightly ruffled at the larger firms, but alarm is spreading that more partners will find themselves faced in the same dilemma as PwC’s Geoff Westmore, who decided in the face of the imposition of near-impossible restrictions by the SEC that his only option was to resign.
You can read this in the story: ‘US clampdown on auditor independence forces resignation of PwC partner’ – links to related stories are included at the end of the story.
You can read more analysis and comment on this issue by visiting AccountancyAge.com over the rest of this week.
Other practice highlights this week include news that Chantrey Vellacott has become the first top twenty practice to appoint a female managing partner, and further controversy about the controversial pensions accounting standard FRED 20 as the consultation period on the change draws to a close this week.
Those of you still debating whether to follow Arthur Andersen’s example and ditch the traditional suit in favour of what is vaguely termed ‘office casual’ can find guidance by visiting accountancyage.com and clicking on our special feature ‘Death of the suit / Office casual: a guide’ in the right-hand column of the home page.
Chris Quick, online editor