Writing in Accountancy Age this week, George Staple said that while the industry had done a great deal to tighten things up over the last decade, ‘rules were not enough’.
He said training, continued professional development and the cultures and attitudes in audit firms were far more important factors.
Chiefly he said it was vital to be able to ‘assess people in auditing businesses, the pressures they face and the illegal responses they may employ’.
Hugh Matthew-Jones, a partner at PKF, said it was less obvious to know what accountants should do and said in many cases there was the involvement of senior management in carrying out fraud.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned