PracticeAuditBritain slams SEC auditor rules

Britain slams SEC auditor rules

The Department for Trade and Industry has slammed the US Securities and Exchange Commission, over its handling of rules on auditor independence.

Link: Wyman calls for moratorium on US rules

The Sarbanes-Oxley Act stipulates that the lead partner on a company audit must be changed every five years. But proposed new rules say that all partners involved in the audit must receive the same treatment.

The DTI has said this will damage audit quality. ‘If you go down the American track, you risk the quality of audits by removing such things as knowledge and expertise,’ it said.

Peter Wyman, president of the ICAEW, will today hold talks with SEC officials over the subject. The rules must be finalised by January 26.

Related Articles

The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

5d Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

6d Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter