I have a pretty radical vision for the future of audit, which is intimately related to accounting and is focussed on meeting users' needs. In this video I look towards the future of these two related professions. It will help to have watched previous videos in this series before watching this concluding part.
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If the medical profession is any gauge accountants themselves will resist this.
Being wholly dependent for their income to a government regulator is not a happy prospect.
Without the support of accountants themselves the proposal faces an uphill struggle.
Plus it may represent a get out of jail card to company directors who will seek to deceive and mislead auditors. That is not to say it isn’t logical , coherent and needed proposal.
They will therefore have to be herded into it. Stuffing their mouths with Gold will help, but it could mean the firms of auditors should have full liability for accounting scandals. ie. those like Wirecard or Enron, or Barings Bank.
It means that tax avoidance techniques based on offshoring expenditure in tax havens should be countered by taxing the gross income of multinational enterprises.
It means auditors having wider duties and responsibilities placed on them. Like the duty to report suspected tax evasion, money laundering, failures to comply with employment/Health and safety legislation , suspected fraud etc to an upgraded policing authority.
It means full investigatory powers being divested to accountants and auditors.
Above all it means placing the accountant as a collusive partner to the rich and powerful in another category as a representative of a collective state ensuring fair play.
Good luck.
You’re right
I will need it
But so what? There’s nothing to lose…