BusinessCompany NewsICAS urges Treasury to help restore confidence

ICAS urges Treasury to help restore confidence

ICAS has called on the Treasury select committee to help restore confidence in UK corporate governance as part of its ongoing review of the UK accounting industry.

The Scottish institute is urging the select committee to introduce guidance reminding boards of directors of their responsibilities, and those of non-executive directors.

In February the Treasury, together with the Department of Trade and Industry, announced a broad review of the industry amid the collapse of Enron, once the seventh largest listed company in the US, and the ensuing breakdown of its auditor Andersen.

Representatives from the ICAEW, ACCA and CIMA recently appeared before the committee to give evidence as part of the review.

In particular, it is looking at the provision of non-audit services to audit clients and the statutory rotation of auditors.

The institute said the review should take place under the auspices of the Accountancy Foundation, the UK’s new independent regulator.

Pressure is also being put on the Treasury committee to ensure that the International Accounting Standards Board retains its principles-based approach to accounting standards, and does not adopt the rule-based method favoured in the US.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor