Levitt, whose efforts to tighten regulation in the accounting profession were thwarted by the US corporate lobby during his chairmanship which ended in 2001, told the FT at the weekend that accounting firms could not be trusted to regulate themselves.
He said: ‘The contraction in the number of accounting firms has really strengthened [their] relations with companies in a way that makes it all too easy to go along with the way companies treat their numbers.’
‘There is no present significant oversight of the profession: I don’t think the accountants can do it on their own. I think they’ve been insensitive to the importance of the public interest,’ reported the FT.
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