Jonathan Beckerlegge, chairman of ACCA’s Audit Committee, called for urgent discussions on a range of solutions to the profound concerns relating to the independence of auditors following Enron.
His suggestions include reducing the influence of executive directors over the appointment of company auditors and fuller disclosure of audit and consulting fees in annual reports and accounts.
He said: ‘Unless the global financial community – represented by IFAC, IOSCO and the transnational accounting firms – works together to tackle a number of pressing problems, there is a risk that the issue of auditor independence will resurface again and again. Action must be taken to ensure that trust in the audit remains strong and that investors can have confidence in reported accounts.’
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