Pension fund executive John H. Biggs was seen by the US Securities & Exchange Commission and its chairman Harvey Pitt as the man to lead the new watchdog, but, according to reports, his appointment has been met with by stiff opposition.
Investors are among those in favour of Biggs, because of his reputation as a tough reformer who favours putting restrictions on auditors that would be stricter than those prescribed under the Sarbanes-Oxley Act.
But the accounting industry and Republicans have rejected Biggs because they are in favour of a more moderate person being appointed to the post.
Amongst those against his appointment is Michael Oxley, co-author of the Sarbanes-Oxley Act and chairman of the House Financial Services Committee – the Act has forced all CFOs and CEOs to swear oaths of accounting honest when they release annual company results.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
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Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day