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’.
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