Wyman: Restrictions will not improve audit
Peter Wyman, president of the ICAEW, says restricting the services auditors offer and submitting audits to a competitive tender will not improve their quality.
In a letter written to the FT Wyman said the quality of an audit was determined by the ‘level of resource put into the audit – not the price charged in the first year after a competitive tender process’.
He went on to say: ‘What we need now is for the market to recognise the value of audit and for audit committees as well as finance directors, to insist that a proper fee be paid for an audit.’
‘Restricting the ability of auditors to provide non-audit services will not, on the basis of available evidence, improve the quality of audits.’