Global regulators want to shake up how corporate audit rules are written to curb the influence of accountants and avoid any conflict of interest.
Audit rules are currently written under the umbrella of the International Federation of Accountants (IFAC), a global body that represents a profession dominated by the “Big Four” – PwC, Deloitte, KPMG and EY – which also check the books of nearly all blue chip companies globally. Regulators now want audit rulemakers who are independent of the accounting industry. They aim to replicate a similar change made to accounting rules two decades ago that is now the benchmark for book-keeping in over 100 countries, and aim to have it in place by 2020.
IFAC said regular reviews of the standard setting process are in the public interest, and the current system already has many of the elements called for by the monitoring group.
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