The influence of accounting bodies such as the American Institute of Certified Public Accountants has diminished significantly since the departure of Arthur Levitt as chairman of the Securities & Exchange Commission.
Levitt’s own sweeping reforms specifically relating to auditor independence were strongly contested by the leading accounting firms and institutes in 2000, and the impact of the resultant legislation was limited as a result.
But, according to comments made in the Financial Times the AICPA will have no say in the appointments to the new regulator.
AICPA chief executive Barry Melancon was quoted as saying: ‘We’ve lost our ear at Congress, but we’ve lost it too at the SEC.’
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