Arguing there is a strong case for an enforced separation between audit and consultancy services, the New Economics Foundation has called for a new vision for corporate accountability and the auditing profession in the wake of the Enron scandal.
The NEF report, ‘Five Brothers; the rise and nemesis of the big bean counters’, said: ‘A light spin on a low temperature will not wash out the stains from events like the Enron scandal.’
The report called for auditors to be rotated every three years and for there to be a three year ‘cooling off’ period before an auditor could become a director of a former audit client.
The NEF also demanded a mandatory split between auditors and their management consultancy services.
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton