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Consultancies Consider Audit Changes Ahead of Upcoming Guidance
By Brian Monroe
printFinancial consultants are weighing ways to shield their auditors from undue influence by clients in the wake of a monetary settlement by New York State and congressional testimony by federal regulators. The discussions center in part on April testimony by officials from the Federal Reserve and the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) on whether the government can better police consultancies that do audit work on behalf of banks and regulatory examiners. The officials asked lawmakers to expand their oversight of the relationships. In June, the New York State Department of Financial Services (NYSDFS) reached...
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