US regulators have said that the scandal strengthens its argument that non-US accountancy firms should register with the new accounting oversight board.
European Commission officials disagree, saying they do not want auditors to be under ‘two sets of rules’, the Financial Times reported. Frits Bolkestein, European financial services commissioner, is this week lobbying the Security and Exchange Commission.
ICAEW president Peter Wyman admitted that the Ahold debacle was ‘not helpful’ to the European campaign.
The Ahold debacle will also be bad news for the government – Melanie Johnson, the competition minister, is due to meet with the SEC to discuss the possibility of exemptions for UK audit firms to regulation by the oversight board.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day