U.K. Accounting Groups Call for Radical Changes to Auditing

U.K. accounting organizations are demanding new oversight structures, professional qualifications, and a new type of audit report following a series of scandals.

The demands grew out of an independent review of the quality and effectiveness of audit that the government asked former London Stock Exchange Group Plc Chairman Donald Brydon to conduct in December.

“Audit reform must go hand in hand with reform of financial reporting,” Anthony Carey, partner and head of board governance at Mazars, said in a phone call. “This might be too big for Brydon to cover off entirely.”

Mazars, the Association of Chartered Accountants in ...