How AI can help accounting stay afloat 

The UK audit market is awash with tension. A variety of factors are redefining the landscape, but most prominent are the widespread scrutiny of auditing practices and high-profile allegations of malpractice. As a result of these tensions, trust in accountancy is falling – with both the public and politicians questioning the role and responsibilities of […]

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Calls for reform of crisis-hit world of auditing

Calls for sweeping changes to the auditing sector are gathering pace. The Financial Times has been running a series called the Big Flaw that has focused on areas such as “A return to prudence: how to restore faith in accounting”  and “An illusion of choice: the conflicts that mire the audit world”. To conclude the […]

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Accounting rules in the line of fire

The Financial Times kicked off what promises to be a great series of articles on accounting this week with an excellent piece by Madison Marriage, titled “The big flaw: auditing in crisis“. The basic question is, with the big four dominating the scandal-hit market and big company bosses ‘making the most’ of the “fair value” […]

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US watchdog’s chief accountant speaks to ICAEW

Boosting audit quality is vital to global economic progress, according to Wesley Bricker, chief accountant at the US’s financial watchdog, the Securities and Exchange Commission. Wesley’s talk on “The intersection of financial reporting and innovation” at ICAEW in London last week was right on the mark … and the full text of his lecture can be found […]

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MP presses FRC on PWC audit of BHS

More Big Four woes. MP Frank Field, chair of the work and pensions committee, wants an update from the Financial Reporting Council over its mainly unpublished but stinging report on PWC’s 2014 audit of Taveta. That’s the one that included auditors signing off Philip Green’s BHS as a “going concern” days before its sale for […]

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Measures to bring the Big Four to order

The latest shenanigans involving the Big Four audit firms have prompted a former, longstanding member of the US Public Company Accounting Oversight Board to join the debate over what should/can be done about these groups’ increasingly unpleasant grip on the market. Rarely a day goes by when there isn’t a headline about an alleged blunder […]

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