US audit committees to call on CAs
Big Four firm PricewaterhouseCoopers is expecting more chartered accountants to join audit committees following the introduction of new corporate governance requirements.
Big Four firm PricewaterhouseCoopers is expecting more chartered accountants to join audit committees following the introduction of new corporate governance requirements.
Link: Audit committees – Where to next?
Under Sarbanes-Oxley, at least one member of a public company’s audit committee is supposed to be a financial expert.
PwC partner Bruce Blakley told a gathering of woman accountants in San Diego: ‘Given the current movement of oversight and legislative issues, we as accountants are going to see more opportunities to participate as board and audit committee members.’
Sarbanes-Oxley has brought in a number of new responsibilities for audit committees in the US.
They are now responsible for the appointment and compensation of the auditor and for oversight of the auditor’s work and must also pre-approve audit and non-audit services.
Blakley noted that the responsibilities of some audit committees have expanded to include areas such as risk management, compliance, federal sentencing guidelines, and information systems, WebCPA reported.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn 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 resourceIn 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 resourceThe 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 resourceThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View article