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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.