Ian Powell, Head of
PwC in the UK, has defended the relationship between regulators and bank auditors.
In a letter to the Financial Times, Powell criticised an article in which new proposals between regulators and
auditors were unfairly characterised as “clubby tip offs”.
The proposals, in which bank auditors would be required to meet with regulators on a more frequent basis, have been set down by the
Bank of England as it prepares for its takeover of all bank regulation from the
Financial Services Authority (FSA).
Powell emphasised that regulators are in the best possible position to offer their professional insight into the
banking sector to auditors, which would in turn be of maximum advantage to investors.
The nurturing of the relationship between regulators and auditors will continue to play a vital role in the successful handover from the FSA to the Bank of England. This regulatory overhaul will be completed by 2012.
Apply for finance and accounting jobs here
