Volcker continues drive for reforms

Volcker was appointed in February to chair an independent oversight board to work with Andersen with the aim of making ‘fundamental changes’ at the firm following the collapse of the US energy giant Enron and Andersen’s involvement as its auditor.

He told Bloomberg radio that the three-member panel will continue with its work ‘so that we can keep our views on the reform of the profession alive.’

The firm’s future remains in the balance following an indictment issued by the US Department of Justice last Thursday for allegations of document shredding.

Volcker said: ‘Auditing is in danger of becoming the tail on the dog rather than the dog…[auditors] are the last line of defence to make sure financial reporting is accurate.’

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