Despite a call from the Securities and Exchange Commission for a more principles-based approach to work on accounts, Bob Herz, chairman of the Financial Accounting Standards Board, believes auditors and companies are frozen by fear of challenges from regulators, lawyers and the media.
‘There seems to be a reluctance to exercise more judgement,’ Herz told the Financial Times. ‘In fact, if anything people are requesting more rules because they want clarity and defences against being second guessed.’
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