Audit proposal ‘won’t restore confidence’

Renewed calls by US regulators for those who sign off on audit reports to be publicly named, sparked by an insider trading scandal at KPMG, will do little to restore investor confidence, the audit firm’s chairman said.
By The Newsroom
Published 24th Apr 2013, 01:01 BST

Michael Andrew said the proposal would do little to fix real problems such as determining what types of financial data need to be audited as well as boosting the flow of information between regulators and government agencies.

“I don’t think it’s important. There are much more fundamental things that need to be done to restore confidence in investors than just having the individual partner designated on the account sign his name,” KPMG’s global chairman said.

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Earlier this month, US authorities filed criminal and civil charges against 29-year KPMG veteran Scott London for allegedly passing non-public information about five of the firm’s clients to a golf partner.

Related topics:KPMG