PracticeAccounting FirmsDTI report: ACCA finds shortfalls in report

DTI report: ACCA finds shortfalls in report

The Association of Chartered Certified Accountants has hit out at the co-ordinating group's report on auditing and accounting, claiming the measures do not go far enough.

Link: Read the full report on Hewitt’s speech

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.’

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

3d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

4w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin