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.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned