BusinessCompany NewsGrant Thornton worries over lack of NEDs

Grant Thornton worries over lack of NEDs

Mid-tier firm Grant Thornton has come out in support of the DTI's report on audit, but says its move to strengthen the independence of audit committees may be hampered by a shortage of good non-executive directors.

Steve Edmonds, head of entrepreneurial business services at Grant Thornton said: ‘We are concerned that there is a dearth of good non-executive directors qualified to fulfil the more onerous obligations now being proposed and in some instances the current selection process for non-executives may not be sufficiently rigorous.’

The firm also expressed concern that proposals, such as forcing all listed companies to reveal full financial figures and disclose details of international networks would hit owner-managed mid-corporate and small companies by introducing ‘costly new layers of governance’.

It agreed that a review of the Accountancy Foundation was a good idea, but said doing one at this stage might prove ‘inconclusive’ given that the Foundation had ‘had little time to bed down’.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor