The UK’s eight largest accounting firms are in the final stages of selecting
their non-executives, as the deadline approaches to meet the requirements of the
landmark audit governance code released in February.
The firms have spent the last four months interviewing possible
non-executives following the release of the governance code which was produced
by the profession and aimed at providing stability to the industry.
PwC said its plans were well advanced with the company expecting to name
three new appointments shortly. The non-executives will sit on a new public
interest body – a third oversight board to sit alongside the accounting firm’s
existing two boards.
Richard Sexton, head of Assurance at PwC, said the new board would “further
underpin public confidence in the work we do as an auditors”.
“The new governance code and creation of the new board will allow us to build
further on the extensive information that we already provide in our annual
report and separate transparency report,” he said.
The code applies to financial years commencing on or after 1 June.
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