Audit report expected today

Audit report expected today

The long-awaited government report on auditing is expected to be published today by the secretary of state for trade following last minute rewrites forced when the Commons Treasury committee brought forward by 48 hours its own audit report.

Trade secretary Patricia Hewitt is expected to outline the government’s position yesterday (Tuesday). But this was put back by 24 hours, after officials were forced to spend the weekend rewording the report, following the committee’s decision to publish its own report on Tuesday.

Hewitt is set to tell MPs nothing would be ruled out of a fuller DTI audit review. But she is expected to outline the areas on which ministers would concentrate.

In particular the DTI wants to ensure audit partner rotation is effective and audit committees strengthened – with auditors no longer seeing a finance director as his or her client.

The government also wants to see firms apply a principles-based approach to defining the non-audit services that should not be provided to audit clients.

And while ministers want to see the Foundation’s funding base widened, a lack of alternatives means change is unlikely in the short-term.

The DTI’s is likely to mirror that taken by the Treasury committee, which did not go as far as some critics had expected.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource