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.
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Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned