RegulationAccounting StandardsThomson issues audit warning on taking ICAS helm

Thomson issues audit warning on taking ICAS helm

Alan Thomson, the new president of Scottish institute, warns the profession must be more proactive as concerns grow about audit not doing enough to explain business risks

Alan Thomson has been crowned as the new President of ICAS and has called for
accountants to be more proactive in company audits.

Thomson, a former FD of FTSE 100 company Smiths Group, succeeds Douglas
Nisbet.

Speaking at the institute’s AGM in Glasgow, Thomson said there was a clear
imperative for professional accountants advising businesses, or running them –
to more effectively communicate the performance and challenges of that business.

Telling it straight will give investors, shareholders and the wider public
greater confidence,” Thomson said.

“Having seen it from both sides – as an accountant in professional practice
and also as a FTSE 100 finance director – I do not underestimate the
difficulties in reducing the complexity of how to tell the story of a business.

“But perennial discontent with the volume of information in company reports
and a growing sense that the statutory audit could do more to explain the risks
in a business, suggest that the profession should play a more proactive role in
providing solutions and demonstrating these in practice.

Further reading:

Tweedie
to take ICAS presidency in 2012

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