Outsource internal audit for greater objectivity

That’s the recommendation from the Institute of Chartered Accountants of India (ICAI), as reported by The India Express: “In the high-powered committee report on Satyam scam, we have proposed that internal audit should be outsourced and not be in house so that there is more independence. If the auditor is from the organisation, it is […]

IIA: Keep internal and external audit separate

AccountancyAge is reporting that the UK and Ireland IIA’s chief executive Ian Peters recently made a statement on the contentious issue of having external auditors provide internal audit services: Internal auditors answer to management and the non-executive directors… external audit reports to shareholders. Merging these two important functions has the potential to cause serious conflicts […]

Big Four dominate professional services globally

The Managing Partners’ Forum was established in 1995 and is “dedicated to enhancing leadership and the status of the management team in professional firms worldwide.” They recently released the inaugural Global 500, a ranking of the top 500 professional services firms in the world by fee volume. The Big Four are at the top of […]

Big 6 accounting firms call for changes

The Big Four audit firms – Deloitte, Ernst & Young, PricewaterhouseCoopers, and KPMG – along with the number five and six firms – BDO and Grant Thornton – have joined forces to call for significant changes to the way public companies report their results. They propose businesses report realtime financial data via the Internet, rather […]