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July 2008

Independent directors on audit firm boards

By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
Reading Time 1 mins
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42 Independent directors on audit firm
boards


U.S. Treasury panelists recommended independent directors at
auditing firms to improve their governance and transparency as well as to help
protect investors.


Currently, the largest accounting firms — Deloitte & Touche (DLTE.UL),
Ernst & Young (ERNY.UL), KPMG (KPMG.UL) and PricewaterhouseCoopers (PWC.UL) — do
not have independent directors
and are at times criticised for lacking transparency.

Panelists assembled by the Treasury Department to develop
recommendations for the industry said they were “particularly intrigued by the
idea of independent board members with duties and
responsibilities similar to those of public company non-executive board
members.”

(Source : Internet news wires)

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