ABI calls for audit crackdown

ABI calls for audit crackdown

Insurance industry watchdog The Association of British Insurers, has told the government it believes regulators should crack down on the common practice of audit partners leaving their firms to join clients.

In a response to consultation by the government on changes to the audit profession following the Enron affair, the ABI said firms should lose the audit contract if a partner moves to a senior position at a client.

‘We think there is a governance issue. The audit partner who becomes the finance director knows too much about where things can be hidden or where things are hidden,’ ABI head of of investment affairs, Peter Montagnon told the Financial Times.

He added concerns could come from the potential personal influence of the former partner over the remaining members of the engagement team.

Share

Resources & Whitepapers

The importance of UX in accounts payable: Often overlooked, always essential
AP

The importance of UX in accounts payable: Often overlooked, always essentia...

1y Kloo

The importance of UX in accounts payable: Often ov...

Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

View article
The power of customisation in accounting systems
Accounting Software

The power of customisation in accounting systems

1y Kloo

The power of customisation in accounting systems

Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

View article
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

4y Accountancy Age

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
8 Key metrics to measure to optimise accounts payable efficiency
AP

8 Key metrics to measure to optimise accounts payable efficiency

1y Kloo

8 Key metrics to measure to optimise accounts paya...

Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

View article