February 25, 2021

Audit reform

New SOX In the U.K.? It’s (Probably) Coming Soon

The February gloom was broken recently by the news that the British government will be introducing reforms targeting company financial reporting and audit oversight. In truth, none of this should be a surprise. There have been several accounting scandals in recent years where the directors of various companies have been unscrupulous and their external auditors […]

The Big 4’s Lobbying Efforts In Europe Make the Banks Look Like a Bunch of Amateurs

Proposed audit reforms in Europe, which include mandatory firm rotation and a ban on advisory services provided to audit clients, have been met with, shall we say, resistance: The Big Four are campaigning hard to stop many of the core changes from being approved by the European Parliament and EU states. Smaller auditors are urging lawmakers […]

Audit Reform Goodie Bag to Be Opened Tomorrow

Michel Barnier delayed things for a week – not his choice – but your anxiety should subside tomorrow:

Internal markets commissioner Barnier will present his audit reform proposals to European Parliament tomorrow, one week later than planned. […] Headline proposals include pure audit firms, mandatory joint audit and mandatory rotation, but critics claim the measures would not address Barnier’s proclaimed objectives.

Barnier’s audit reform unveiled tomorrow [Accountancy Age]