PracticeAuditUS accountants urged to put investors first

US accountants urged to put investors first

Securities and Exchange Commission chairman William Donaldson has told accountants that the interests of investors should be their first priority.

Link: Big Four to face yearly US inspections

Donaldson said the Public Company Accounting Oversight Board, the new US audit watchdog, could not restore investor confidence alone.

Speaking before the House Financial Services Committee, he said: ‘Each accountant, from the CEO of the accounting firm to its most recently hired employee, must demonstrate a willingness to place the interests of investors above all else.’

‘Remaining independent and “telling it like it is” is fundamental,’ he added.

Donaldson was testified alongside PCAOB chairman Williamn McDonough, who told lawmakers the board was examining the ‘tone at the top’ at the Big Four accounting firms to ensure compliance with professional audit standards.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

4d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

2w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor