Although it welcomes the shake up in accountancy regulation, the ACCA said it was concerned that not enough has been done to address the ‘cosy relationships’ that can exist between listed companies and auditing firms.
In particular it believes more should have been done to tackle audit firms providing consultancy services to clients. The report only recommends that audit committees set policies in this area.
Roger Adams, executive director-technical at ACCA, said: ‘Listed audit companies should be required to approve non-audit services in advance and to report to investors, both on the nature of those services and on the steps taken to ensure no conflicts of interest exist. There should also be full disclosure of fees in the financial statement.’
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton