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

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

6d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

2w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter