PracticeAccounting FirmsThe profession needs heroes

The profession needs heroes

A former president of the ICAEW this week backed the International Federation of Accountants' Forum of Firms and its process of peer review saying the work has 'never been more important'.

Graham Ward

, a board member of IFAC and partner at PricewaterhouseCoopers, claims in an article for Accountancy Age that the collapse of Enron emphasises the vital need, in the public interest, for clear confidence in high auditing quality.’

Ward says standards in themselves are not enough and that enforcement and implementation are crucial.

‘That is why, working with transnational auditing firms, IFAC has facilitated the Forum of Firms which is open to audit firms of any size.’

Meanwhile accountancy writer Peter Williams says the profession needs more heroes that will not try to hide its difficulties.

‘The profession could argue that it has moved towards breaking the failure/reform cycle: the introduction of corporate governance in the 1990s went a long way to make it clear to directors and stakeholders that the auditor alone wasn’t responsible for corporate collapses. That good work is in danger of being washed away by recriminations from the US.’

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