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'Room for improvement at audit firms'
Accountancy News |
24/12/2008
Regulatory activity in audit firms leaves some room for improvement, according to the Professional Oversight Board (POB).
While the POB's report to the secretary of state for business found that bodies take such responsibilities extremely seriously, it found that more needs to be done, news which might interest finance recruitment staff.
Among the issues uncovered by the body were audits being signed off by people who are not entitled to do so.
It also found that some firms need to be clearer about how accountants gained the required experience to complete their professional qualifications.
Paul George, director of the POB, said: "Overall we conclude that the recognised bodies take their responsibilities extremely seriously and that much regulatory practice is of a high standard."
The report was focused on the key areas of risk for each body and on the regulatory areas where there has been significant change in the recent past.
Yesterday, a study by the Kenexa Research Institute found that 80 per cent of workers at financial services firms understand their employer's code of conduct.
