PracticeAuditFoundation awaits responses to ethics questions

Foundation awaits responses to ethics questions

Can a firm provide non-audit services to an audit client without impinging on auditor independence? This is just one of the questions the UK accounting watchdog is asking as its consultation period draws to a close.

Link: Foundation chief slams Big Four and ICAEW

The Accountancy Foundation’s Ethics Board today issued a reminder to accountants, regulators and other stakeholders of the industry to submit their responses to its consultation ahead of the 16 September deadline.

‘Setting the Agenda for Ethics’ was launched in May in an attempt to garner a broad spectrum of views as the industry was struggling to regain the public’s trust in its expertise amidst a backdrop of unprecedented corporate collapses in the US.

Some of the questions posed include:

Should the ethical standards of accountants be based solely on a system of rules or on a system of principles supported by guidance and rules?

  • Should there be a requirement for periodic rotation of senior member of the audit team?

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