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Comment on Sir Donald Brydon’s review of audit

Wednesday 18 December. Commenting on Sir Donald Brydon’s review of audit, published today, Michael Izza, ICAEW Chief Executive, said:

“Sir Donald’s thorough report contains some bold proposals which could change the way the accountancy profession operates within the UK business landscape. We agree that audit urgently needs to keep pace with the needs, not just of investors, but of wider stakeholders in society, and we are long-standing advocates of proportionate and practical change to restore public trust.

“We are pleased Sir Donald recognises the role played by all the directors of a company, and the need for the whole board to be accountable. We will consider the recommendations in detail and continue to work with all parties to deliver a coherent programme of reform.

“This report makes the early establishment of ARGA even more critical, and we urge the government to bring forward the necessary legislation at the first opportunity.”