PracticeAuditWe need more disclosure from audit committees: PwC

We need more disclosure from audit committees: PwC

Industry giant wants audit committees to articulate principles behind decisions

Audit committees should be forced to explain why they choose their auditor to
take on non-audit work, PwC has said.

In its submission to the Auditing Practices Board’s review on non-audit
services, the audit giant said there should be more disclosure around audit
committees, their decisions and the principles behind those decisions .

The board’s review of the rules around non-audit services could add
restrictions preventing accountancy firms from taking on work from their audit
clients.

instead, PwC believes there should be new disclosures which articulate the
principles that audit committees apply in deciding whether the auditor should
provide non-audit services.

The firm acknowledged some concern from a “minority of commentators” that
undertaking some non-audit services undermines independence.

“We believes this is largely due to the lack of detailed information about
the nature and volume of those services,” the firm said in its submission.

Further reading:
Rentokil
defends right to make non-audit decisions

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