Speaking at the 16th World Congress of Accountants, which ended yesterday, Ricol set out an agenda of reform that called for shared regulation of auditors of listed companies, divided between the profession’s national organisations and independent supervisory bodies.
He added that a restoration of public trust would require profound reform of the accounting profession’s representative bodies.
The proposals however are likely to face tough opposition from auditors outside the US who feel they are being punished for scandals in America.
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