PracticeAuditUS auditor restrictions on the cards

US auditor restrictions on the cards

A powerful US financial panel has urged companies to restrict the tasks they give to outside auditors in order to improve corporate governance, auditing and accounting practices.

Link: US audit watchdog bares its teeth

Among advice that the Conference Board Commission on Public Trust put across at a New York summit was for companies to restrict the amount of tax advice they commission.

‘The Commission recommends against public audit firms performing services that put them in an advocacy position such as proffering novel and debatable tax strategies and products that involve income tax shelters and extensive off-shore partnerships or affiliates,’ a statement reads.

It also says that some of the changes may ‘call for a rotation of audit firms’.

The age-old argument of splitting the roles of chairman of the board and CEO was again brought up.

The Conference Board is chaired by Peter Peterson, founder of the Blackstone Group, and John Snow, the newly appointed Treasury secretary.

Related Articles

KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

4d Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2w Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2w Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2w Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

2m Alia Shoaib, Reporter
Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

Audit Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

2m Alia Shoaib, Reporter
Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

Audit Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

2m Alia Shoaib, Reporter
Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

Audit Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

2m Alia Shoaib, Reporter