PracticeAuditHewitt likely to impose changes

Hewitt likely to impose changes

Trade and Industry secretary Patricia Hewitt is likely to impose some important changes to the accounting and auditing profession, when she reveals the findings of a year-long post-Enron study.

Link: FRC to gain new regulatory powers

Hewitt will deliver the findings of the work undertaken by the Co-ordinating Group on Audit & Accounting issues and while it is widely expected that she will give the industry a clean bill of health, greater vigilance and transparency will be demanded.

The most widely expected and important change is likely to be the transferral of regulation of the profession from the Accountancy Foundation to the Financial Reporting Council.

Hewitt is also expected to insist that firms do not jeopardise objectivity, by developing too cosy relationships with the clients they audit. However it is not expected that any ban on firm’s providing certain non-audit services, such as tax advice, will be imposed.

AccountancyAge.com will provide full details of Hewitt’s speech as it happens. She is expected to address MPs at around 12:30pm this afternoon.

In addition a special area on the site will be set up devoted to the speech and will include reaction, comment and analysis after Hewitt’s address.

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