PracticeAuditICAEW sets out reform programme

ICAEW sets out reform programme

The ICAEW will this week launch a programme of reform which, it hopes, will ease fears of further corporate collapses and accounting scandals in the wake of Enron.

Wyman, incoming president of the institute, will outline his proposals this Wednesday, which will included a two-year ‘cooling off’ period for auditors who want to join their clients.

He will also set out recommendations on limiting auditor liability to prevent the total collapse of accountancy firms – Big five firm Andersen has all but disappeared under the weight of threatened litigation and client defections.

Wyman will take over the institute at a crucial time for the profession – accountants and auditors have had to endure close scrutiny since the collapse of US energy trader Enron with public trust in the profession at an all-time low.

Wyman is also expected to detail the need for further research on the rotation of auditors.

Further details of the institute’s reform programme can be read this Thursday in Accountancy Age and on accountancyage.com.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

5d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

2w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

2w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor