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.’
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
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