PracticeAuditCIPFA to lead controversial audit research

CIPFA to lead controversial audit research

CIPFA has been chosen to head research investigating whether a fully independent body is needed to appoint private sector auditors ending the practice of companies appointing their own.

Last week Accountancy Age revealed the profession’s new regulator, the Accountancy Foundation, was looking at ending perceived conflicts among auditors and clients by following the public sector model of having auditors independently chosen by a separate body.

The foundation has asked public sector accountancy body CIPFA to investigate.Vernon Soare, policy and technical director at CIPFA, confirmed the body had been approached by the foundation to give assistance and research help.

The review is one of six the foundation is working on with the UK and Irish accountancy institutes. The foundation is looking at rotation of audit firms, supply of non-audit services to audit clients, technical competence of accountants, auditor liability and corporate governance.

The reviews are scheduled to be completed by July so they can be given to government ministers who are looking at the financial reporting and corporate governance framework in the UK post-Enron.

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