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Plans to restore audit reputation
THE FINANCIAL reporting watchdog has kicked off a project to try and help auditors to rebuild trust in their profession.
On the same day that auditors for Autonomy came under scrutiny following Hewlett-Packard’s $8.8bn (£5.5bn) post-acquisition writedown, the Financial Reporting Council said it wants to examine the skills and responsibilities needed to publish useful audits.
The regulatory body will also consider allowing sector experts to assist auditors in combing through the accounts of particularly complex firms such as banks or insurers. The report will be published by September 2013.