US accountants take backseat to regulators
The US accounting industry is playing hardly any role in the composition of the country's new professional watchdog, it has emerged.
The US accounting industry is playing hardly any role in the composition of the country's new professional watchdog, it has emerged.
Link: Pitt to get Sarbanes-Oxley Act rolling
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.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View article