The new independent regulatory board for the profession, the Foundation, is tipped to sanction a review later this year following last week’s shock report on PricewaterhouseCoopers’ US shareholdings. The Review Board is the arm of the Foundation charged with upholding the public interest. Many observers this week said a review of audit independence could be its first task. In the UK, the rules governing shareholdings total 30 pages. But English ICA chief executive John Collier said the profession would not wait to be asked to conduct a review by the board ‘if we think there is a good public interest case’. He added: ‘There are no immediate plans for such a review to be carried out in this country. But we are keeping it under observation.’ Last week’s SEC findings that thousands of PwC staff and partners held shares in clients, raised questions about how firms should structure themselves to ensure independence.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice