PracticeConsultingFears rise over ‘firms regulating firms’

Fears rise over 'firms regulating firms'

Warnings have been voiced that 'firms should not be regulating firms' following news last week that the Global Steering Committee, a closely co-ordinated grouping of the world's seven largest firms, is behind a new forum to set international auditing standards.

The concerns were expressed by ACCA as it viewed the prospect of the GSC, made up of the Big Five plus Grant Thornton and BDO Stoy Hayward, heavily influencing the new forum set up under the umbrella of the International Federation of Accountancy.

Until the launch of the forum, little had been known about the GSC, though it has emerged the group has been working behind the scenes for two years on the project.

A spokesman at ACCA said: ‘The Big Five are commercial organisations and should not take on a regulatory function.’

John Collier, secretary general of the ICAEW, welcomed the work of the GSC. He said the firms were providing much-needed funds to an institute short on resources. ‘The idea of this being a shadowy body pulling the strings I don’t think is right,’ he added.

Links

Big firms in standards control bid

More than 20 firms agree benchmark plan

Warm welcome for forum initiative

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