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There is no benefit to be gained from a complete prohibition on auditors providing non-audit services to their listed clients. That’s the view of a new research paper published by a Working Group established by the Institute of Chartered Accountants of Scotland to examine the issue of the provision of non-audit services by external auditors The iSoft conspiracy case has moved on another step with the announcement by the Financial Reporting Council that its Accountancy and Actuarial Discipline Board has called a disciplinary hearing to investigate a formal complaint against a member of the Institute of Chartered Accountants in England and Wales in relation to the issues brought Amendments to ‘Broker Voting Rule’ yield unexpected results The long-awaited change to NYSE Rule 452, effective Jan. 1, 2010, reclassifying uncontested director elections as ‘non-routine’ items, thereby eliminating the discretion of brokers to vote uninstructed shares, also makes it more difficult for companies with no routine matters on the ballot to achieve a quorum. From Polly Peck to Satyam, recurring audit failures have undermined investor confidence in corporate governance. The Institute of Chartered Accountants in England and Wales and the Financial Reporting Council hope to address those concerns through its newly published “Audit Firm Governance Code”. This comply or explain Code will apply to the eight largest U.K. accounting firms which collectively are Shareholders don’t like it, nor do the regulators. It’s expressively forbidden to be included in appraisals. Unfortunately, evidence uncovered by the Financial Reporting Council’s Audit Inspection Unit (AIU) shows that the controversial practice of selling non-audit services to audit clients is alive and well, threatening the independence of audits. At Deloitte audit directors and managers How much more work should auditors do for quoted companies? How comfortable are shareholders with the potential for further dilution of the independence of the annual audit? We don’t have the answers immediately to hand, but responses to the Federation of European Accountants’ (FEE) latest discussion paper on the potential role of auditor’s assurance in In the UK legal landscape, the role of the auditor has a particularly important and specific role – not to aid efficient trading markets - but to support the stewardship of the company. With the increased regulatory focus on the role of shareholders in the stewardship process it is particularly apt timing that the UK’s Department of The UK’s Financial Reporting Council (FRC) has warned against companies signing up for ”bundled audits” pending completion of a review into the ethical questions surrounding their use. As we reported in August, the downturn has encouraged the development of a new type of audit which blends internal and external audit. Rentokil claims to have achieved The Accounting Standards Board (ASB) published the results of its review of narrative reporting on 29 October, and its release was trailed by separate reports from PricewaterhouseCoopers (PwC) and Deloitte. PwC “recognise that reporting is not made easy by the regulatory demands imposed on all companies today, but sadly too many reports display the Consultations and accounting news appears to be a bit like London buses, there’s not one for ages and then three of them arrive all at once. This week the FRC got busy with a slew of announcments, notably the Auditing Practices Board (APB) looking for input on the vexed issue of non-audit work |
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