Writing in The Times today, Lord Sharman said it was no longer acceptable for the key regulatory body to be funded by the very firms it seeks to regulate.
‘The big firms and the profession’s institute must insist that the Government funds and oversees regulation,’ the former KPMG senior partner said.
‘We must move to eradicate any notion that he who pays the piper calls the tune,’ he added.
Sharman also called for the compulsory rotation of audit partners every five years, though refused to back rotation of audit firms.
And he demanded all firms that audit publicly quoted companies should publish full accounts and reveal the total fees earned from their top five clients plus list any client that provides more than five percent of total income.
Sharman even went as far as to say these figures should apply to individual offices to avoid the Enron-Houston effect.
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