- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Recently published academic research suggests there is indeed a detriment to audit quality when audit firms hold long tenures on audit engagements.
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Now that audit reports are beginning to disclose auditor tenure, audit committees face new pressure to give it careful consideration in retention decisions.
Within two weeks of gaining power, the U.K.’s newly elected Labor government has confirmed its intention to beef up the audit regulator and strengthen corporate governance.
The U.K.’s Financial Reporting Council fined audit firm MacIntyre Hudson (MHA) and two employees for breaching the agency’s requirements.
