The US is to embark on UK-style measures aimed at opening up choice into the
concentrated audit market by requiring companies to disclose agreements which
predetermine the appointment of firms.
The suggestion was one of 13 recommendations from the US Treasury advisory
committee on the auditing profession, which examined issues of competition,
together with training, the structures of firms and their finances.
It suggested that smaller firms should be encouraged to grow, while public
companies disclose details of agreements with third parties, which could limit
their choice of auditor.
Participants Group led the way with such recommendations in the UK.
The US group, led by former Securities and Exchange Commission chairman
Levitt, also recommended audit firms appoint independent partners charged
with governance oversight, with duties similar to those of a non-executive
Suggestions were also made for construction of a plan that would rehabilitate
and preserve a large auditing firm facing a collapse.
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
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day