PracticeAuditUK FDs favour auditor restrictions

UK FDs favour auditor restrictions

Finance directors of some of the UK's biggest companies believing auditors should be restricted to performing only audit work, while auditor rotation should be mandatory.

Link: Volcker tells auditors to improve confidence

Almost 60% of FDs said auditors should not offer additional services but should be restricted to pure audit. Nearly two-thirds thought auditor rotation should be mandatory, according to a survey by Endelman, a global public relations consultancy.

The survey of 100 finance chiefs of FTSE-350 firms also revealed that FDs are unhappy with current attitudes toward executive responsibility.

Most surprisingly, 34% of FDs agreed limits should be set on board pay and more than four in five favour audited codes of conduct for senior executives.

The vast majority of FDs (68%) said all non-executive directors should receive mandatory financial training. They also believe that amongst the NEDs should be representatives of key shareholder groups.

The survey also showed that 90% of FDs are concerned with the company’s reputation in the public eye.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

5d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter