An independent inspection team should be set up to monitor actuarial work, according to Big 4 firm PricewaterhouseCoopers (PwC).
Outlining its response to the Financial Reporting Council's consultation process to examine how the work of actuaries should be scrutinised, the firm claims that "enhancing quality is in everyone's interest".
Pete Tompkins, partner at PwC, has called for the inspection team to ensure that firms' own internal procedures and quality standards are maintained, adding they are "key to ensuring high-quality and reliable advice".
He added: "One of the most sensible ways to achieve this is for pension schemes to include their liabilities in their accounts and have them audited, as has worked successfully for insurance companies."
The Financial Times recently reported that Alistair Darling had called for the Financial Services Authority to be given more powers in order to improve the UK's financial system.
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