Just one in four finance directors believe the current regulatory system for auditors is strong enough to prevent conflicts of interest. The damning verdict comes in this week’s Big Question survey conducted by Accountancy Age with Reed Accountancy Personnel. Only 27% said the current system was strong enough. Some 44% said regulations weren’t sufficiently secure, with the rest neutral. The survey followed news that a UK inquiry into audit independence may be launched following a US probe. And FDs said they were concerned that extensive Big Five interests made conflicts likely. ‘Conflict of interest will arise in all professions and auditing is no different. No amount of regulation can prevent the conflict,’ said Paresh Samat, FD of employment services company SBJ ESS. But Stuart Chapman FD of International Baccalaureate, said the current system was good enough. ‘There will always be cases of inappropriate conduct but the medium and large-sized firms have too much to lose by crossing the line,’ he said.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.