The culture among senior management was also of concern, with too much central control of decisions inhibiting innovation. The report did, however, recognise that senior members were more open to recognising weaknesses.
In other audit news the finance director of Philips Electronics, Jan Hommen, is to chair the audit committee at Dutch retailer Ahold. The appointment of Hommen, who is already a member of the group’s supervisory board, is the latest in a series of management changes after the discovery of gaps in the company’s accounts totalling up to £525m. The third-largest retail group in the world, Ahold is already the subject of a criminal investigation by Dutch police.
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
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day