Following the Department of Trade & Industry’s decision to review the role of the Accountancy Foundation, ICAS said it ‘unanimously endorsed’ a new independent auditing regulator.
The Scottish institute said the regulator should be responsible for the registration of company auditors, the monitoring of their performance and have the power to enforce procedures and discipline on them.
Furthermore, the regulator should have the authority to bring any particular entity under its scope of operation, although the criteria to determine which unlisted companies fell within the public interest should be the decision of the DTI.
It should also have the power to monitor the effectiveness of designated professional bodies, and be able to request that the DTI remove this designation if necessary.
ICAS said an independent regulator should be funded in the same as the Financial Services Authority is financed.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
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