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