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iosco audit firm ownership consultation September 11, 2009

Posted by Bradley in : consultation , trackback

Beginning this week and until December IOSCO is seeking comments on the idea of non-professional ownership structures for audit firms. Although IOSCO doesn’t always publish the full text of responses to its consultations this is one of the times where it proposes to do so. There are other consultations on auditor communications and on transparency and responses to these documents are also to be published.

Comments

1. pdl345 - September 14, 2009

Thanks for calling this to our attention. Interesting that the consultation, expressing concern that the “Big Four” may further shrink in number, only considers ownership structures in searching for solutions. The “public option” — audit by government agencies — might also be an alternative to explore. Also interesting that there isn’t even footnote mention of the legal profession’s venturing into the same arena (e.g., the UK’s Legal Services Act).