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.’
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