PracticeAccounting FirmsConnolly reveals regulation concerns

Connolly reveals regulation concerns

Deloitte chief executive says globalisation of the profession, in conjunction with regulation, is causing problems

The globalization of the profession and strict regulation are creating
problems for audit firms, Deloitte chief executive John Connolly has said.

In an
interview
with The Business
magazine, covering the firm’s consultancy arm, the
acquisition of Andersen as well as a horse-racing syndicate set up by Deloitte
partners, Connolly says he is worried about the developments.

‘What happens if you end up doing a small piece of work that you shouldn’t be
allowed to do in New Zealand, for a company in Canada that happens to be an SEC
audit client? If the rules are too onerous, you run the risk that not only you
potentially don’t have four firms to choose from because one or two firms are
restricted because of other roles that they might have for the firm,’ he said.

‘We are working very hard trying to ensure not only that are we compliant
with regulation, but also that we can influence regulators around the world, to
create some easing of the regulation, and particularly the auditor liability
rules. At least this is on people’s agendas now’

Connolly also takes pride in the fact that Deloitte retained its consulting
arm and is now the biggest in the field, and in the growth of the firm’s audit
arm.

Further Reading:

Read
the interview

Deloitte’s
results in 2007

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

1d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

3w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

1m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin