DiPiazza said US audit standards were full of loopholes and prone to misuse because of the US rule-based system which allows ‘exception upon exception’.
He added: ‘The US set of rules and exceptions are a road map for investment bankers to engineer transactions.?
Last month’s appointment of Bob Herz, as incoming chairman at the US Financial Accounting Standards Board, was the clearest signal yet that the US will move to a principles-based approach.
A senior partner in PricewaterhouseCoopers and a part-time board member of the International Accounting Standards Board, Herz hinted that he wanted to bring the US rules-based process closer to a principles-based approach, used by the UK and the rest of the world.
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season