Codestone

Category: Accounting software

Accounting software could have a significant role to play if the auditing industry is revolutionised by the changes being proposed by one expert.

Michael Andrew, chairman of KPMG, speaking at the Foreign Correspondents Club in Hong Kong, said he believes ten alterations to the sector are enough to instigate a notable rise in standards.

He offered his view shortly after the Olympus Corp scandal, which he labelled a "significant fraud".

Mr Andrew is quoted by Reuters as suggesting a "global set of accounting standards" that all firms are held accountable to are now required, which could be enough to prevent similar cases occurring in the future.

However, he was keen to emphasise that official conclusions into the Olympus Corp case have yet to be drawn, although what is clear so far is the strong need for a revamp of accounting practices around the world.

KPMG is a major provider of audit, tax and advisory services to businesses in the UK and around the world.

Posted by Shannon Wells