Lords question whether auditors are prepared to be whistleblowers in a crisis
Senior figures at the UK’s accountancy institutes yesterday made a robust defence of the audit industry to a House of Lords inquiry, but conceded that reforms are necessary to protect standards and maintain public confidence in the profession.
Their comments come amid growing support for overhauling the audit industry.
Earlier this month, the European Commission said that it was considering a mandatory rotation of auditors and a cap on advisory fees. Mazars, a mid-tier accountancy firm, has called for dual audits, while the chairman of KPMG in the UK, John Griffith Jones, has called for a code of conduct to improve communication between auditors and regulators.
See full Article.
Posts
