PCAOB to favour ‘less intrusive role’ in UK

PCAOB to favour 'less intrusive role' in UK

William McDonough, the chairman of the US audit watchdog, says it is likely to adopt an initially less intrusive role with regard to UK audit firms, as part of its registration and inspection regime.

Link: Big Four to face yearly US inspections

His comments come in response to efforts by the European Union to get all accountancy firms treated equally by the Public Company Accounting Oversight Board, which has new powers to inspect firms that audit US-listed companies, or major subsidiaries of them.

In an interview with the Financial Times, McDonough said some European countries, such as the UK, had better established independent oversight of accountants.

He said his goal at present was to have common methodology that would still allow for different amounts of oversight by working out applicable levels of cooperation for each country.

McDonough is due to meet with EU officials in Washington next week to discuss the issue.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource