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Examples
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Varley added that the firm was making representations to the European commission over its mooted plans to force audit firms to be split from non-audit business, amid fears of conflicts of interest.
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"In the non-audit arena there's just a lot of work that's not getting done," he adds.
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McMillan: In the non-audit arena, there's just a lot of work that's not getting done.
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The median fees paid for non-audit services declined from $312,741 in 2000 to $211,200 in 2003, a decline of 32%.
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Basically what happened is, those non-audit people, the tax and consulting people, were told to go find their own clients.
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Some have argued that providing additional non-audit services creates potential for an auditor to become economically dependent on a particular client.
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However, some believe the regulators need to go further, and prohibit auditors from providing all non-audit services, such as risk assessment, tax, forensic and accounting advice, to their audit clients.
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One thesis is that an audit firm can potentially lose its independence if it is providing non-audit services to the companies it audits.
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We believe that audit firms should continue to provide some specific non-audit services to clients.
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We believe the appropriate approach for a company to take in purchasing non-audit services is as follows: first, consider the type of service; then consider who might best provide the service; third, ensure that the right controls or review procedures are in place to ensure that the service is completed properly; and finally, have the nonaudit services subject to ultimate approval by the company's audit committee.
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