Link: Profile: Harvey Pitt
According to reports in the press, senior democrat politicians have lobbied president George W Bush asking him to fire Harvey Pitt, chairman of the SEC.
The moves comes as Pitt struggles to appoint a chief for the new US accountancy watchdog, the Public Oversight Board. Attempts so far have met with criticism and failure.
Pitt is also deep into the process of implementing the Sarbanes-Oxley Act on corporate governance which is set to transform the way companies disclose their accounts.
The Act has already compelled CEOs and finance directors from all companies with US listings, including UK businesses, to make out ‘oaths of honesty’ certificates testifying to the integrity of their annual accounts.
Pitt is also coming under increasing pressure from the UK government to modify the Act because of its cross-border implications including measures which would bring UK auditors under the jurisdictions of US courts if they work for US-based companies.
Mazars has announced the appointment of Michael Tripp as the new head of financial services
A new leader, Darra Singh has been appointed to lead EY’s UK government and public sector practice
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
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