Peter Wyman, head of professional affairs at PricewaterhouseCoopers, has
called for a review of the audit profession in response to the banking crisis.
Wyman told Accountancy Age that although the audit profession had
been reviewed by the government in 2004 and was doing a good job, the shockwaves
caused by the banking crisis underline the need for a fresh review of the
industry. ‘We are in the worst financial crisis in living memory. It would be
ridiculous to just go on as before,’ he said.
He said a review of the audit profession could take place in the summer as
part of a wider review into global regulatory structures, banking supervision,
fair value accounting and complex Basel II Capital adequacy rules.
Wyman is the first big hitter in the profession to call for a review of the
audit industry amid growing pressure from politicians and experts for a shakeup
Last month, Chris Dickson, executive counsel of accounting regulator JDS,
called for a review into whether auditors can rely on debt ratings given by
credit rating agencies such as Fitch, Moody’s and S&P, when valuing company
assets and signing off company accounts.
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