PracticeAuditDTI to delegate powers

DTI to delegate powers

The Department of Trade and Industry is to relinquish its responsiblity for recognising and monitoring the statutory auditing supervisory bodies, as part of its overhaul of the accounting profession.

Link: DTI audit report special

The DTI proposes that a more powerful Financial Reporting Council should take on the role of recognising audit supervisory bodies, which includes ACCA, ICAEW, ICAS and ICAI. The consultation document added that CIPFA had applied to be recognised as a supervisory body.

The document sets out proposals for the new Investigation and Discipline Body, which will replace the Joint Disciplinary Scheme and cover all bodies recognised by the FRC.

The body would have powers to remove the eligibility to audit from firms and individuals, but the government wanted to avoid providing it with statutory powers except where appropriate in the public interest.

The government is, however, asking for comment on proposals from ICAS that the IDB should be able to ‘ask a court for an order to compel witnesses or require the production of documents’.

The deadline for comments and reaction to the proposals is 10 June.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

2d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter