Foundation chief slams Big Four and ICAEW
The chairman of the accountancy profession's independent watchdog has attacked 'knee-jerk' attempts to prevent audit reforms, following recent accounting scandals.
Lord Borrie, chairman of the Accountancy Foundation, criticised the Big Four and the ICAEW for rushing to condemn proposals under consideration by ministers, including audit firm rotation.
The Foundation head told the Financial Times he suspected the relationship between some auditors and their clients was ‘too cosy’ and that the answer might be compulsory rotation.
But he attacked the profession’s ‘knee-jerk reaction’, saying: ‘It is not very helpful at the present time to jump on certain suggestions as being completely out of the question.’