The FRC’s ‘softly, softly’ approach to dealing with audit choice issues may
fail if another crisis happens within the next year or so, BDO Stoy Hayward’s
departing managing partner Jeremy Newman has said.
In a valedictory interview on Accountancy Age TV, Newman said: ‘If
another crisis is five or ten years off and the approach has had the opportunity
to create enough change, it’s fine. But if another crisis is a year or two off,
we face a really serious problem. If there hasn’t been enough change the
regulatory authorities will be struggling for a solution.’
Newman is going to become head of BDO International. He discussed the
network’s US problems and his highs and lows as head of BDO Stoy Hayward.
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