Mum's the word in Whitehall
The hearings themselves may have been clouded by rumour, lobbying and broken ranks, but by this morning the views of the US Securities and Exchange Commission on auditor independence should be clear.
The hearings themselves may have been clouded by rumour, lobbying and broken ranks, but by this morning the views of the US Securities and Exchange Commission on auditor independence should be clear.
SEC chairman Arthur Levitt was due to announce his ruling yesterday.
And legal appeals aside – and the paralysis caused by the farcical presidential election perhaps makes that more of a probability than a possibility – the Big Five can now be more sure of their destiny than at any time over the past 12 months.
But while the impact of the ruling will be just as shuddering this side of the Atlantic, one party has been curiously quiet.
Nowadays it is accepted practice that when one state attempts to affect business in another, the matter usually ends up the subject of much posturing, name calling and, if you are the US Trade Department, with the imposition of all manner of embargoes. Don’t forget the Banana Wars.
Throughout this debate, however, the British government has stayed mute, even though the futures of British firms are at stake at home and abroad.
Levitt has raised an important question of independence. In today’s climate perception matters as much as reality. There may be no proven example of an audit being prejudiced by consulting work but the question has to be asked whether they need to be ‘seen’ as independent.
This is a crucial debate and hopefully one with a sensible, balanced outcome. But it is in no one’s interests that one of the key players has been missing.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn 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 resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article