PracticeAuditAudit profession needs to change, says Heseltine

Audit profession needs to change, says Heseltine

Tory grandee Lord Heseltine has called for a shake-up of audit regulation in response to the economic crisis.

Tory grandee Lord Heseltine has called for a shake-up of audit regulation in
response to the economic crisis.

Speaking at a business dinner last week the former defence secretary asked
why auditors had so far escaped the blame game in who should have foreseen the
financial crisis.

Heseltine favours setting up an independent commission with the power to
appoint auditors to firms for a fixed period of five years.

His comments come amid concerns that the big audit firms could be vulnerable
to litigation over their role in credit crunch related securitisations.

Read the full story:

Read
the Times story

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

1d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

6d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter