International audit network leadership is now the focus of attention for regulators concerned about audits of systemically important financial institutions.
CEO Stephen Haddrill. Photo: FRC
The leadership of global audit networks should be held to account, and work is underway to see how it can be achieved, according to the chief executive of the UK's audit regulator.
Currently audit firms can only be regulated at national level, but the big firms all have international leadership.
Stephen Haddrill, of the Financial Reporting Council, said in a speech on Wednesday that international audit standards could be used to focus on leadership of international audit networks.
The subject is a critical topic, he said, because inspections have revealed problems in almost half the audits of systemically important financial institut
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