The Big Four, plus major audit players Grant Thornton and BDO International, have joined forces to call for a new business reporting model.In a paper, the firms endorse the concept of accounting rules that are standards based, offering fewer details but giving more responsibility to auditors to interpret those rules. According to the six, the concept should lead to less fraud and more useful financial information -- and ideally protect their businesses from the liabilities audit work opens a firm up to.
The proposal is full of language melding together the promise of high ethical standards and improved technology. Signed by the chief executives of the six global audit networks, the report, entitled “Global Capital Markets and the Global Economy,” was presented at a conference in Paris this week.
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