... rather than staying close to the particular corporate and legal structure adopted note that this approach has not prevented corporate failures in which accounting treatment has been an issue. Secondly, the UK profession argue that the arrangements for the oversight of auditors and audit quality are somewhat more robust than those in the US. Indeed Arthur Levitt, the immediate past Chairman of the SEC, has quoted the UK system as a useful example for the US. An Accountancy Foundation overseeing the Auditing Practices Board, which, in turn, aims to monitor the quality of audit work. While accountancy remains a self-regulating profession, audit is formally at least, covered by some statutory controls. So, for example, our Companies Acts regulate the qualifications of auditors, set out their duties and rights (e.g. of access to documents), and so on. But in spite of the strong injection of public interest representatives, the oversight arrangements remain substantially ...

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