Reforms to transform auditor-regulator relations
Proposals may suggest structured relationship between auditor and regulator
Proposals may suggest structured relationship between auditor and regulator
Auditors may revive their open dialogue with regulators and even work for
them while conducting their audits, as part of new proposals expected to be
released this week.
The proposals will reopen dialogue between regulators and may lead to the
expansion of so called Section 166 reports, used by regulators to seek
information on a potential problem area in accounts.
The once healthy relationship between auditors and the Bank of England was
left to sour when the Tripartite System came into effect in 1997. The new paper
will seek to revive this system under a more structured approach.
Auditors may also be asked to take part in expanded Section 166 reports.
Under the proposals auditors may be asked to take on additional work, as well as
their statutory duties, to investigate areas of interest to regulators within a
company.
The measures are part of proposals being considered in the wake of the
crisis, and are part of a wider industry rethink about the value of audit.
Further reading:
Bank
auditors eyed for whistleblower role
The numbers you crunch tell a story. Your expertis...
14yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis 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 article