If we want to succeed in tackling this problem we need to take an integral approach based on four pillars. And I want to describe each of these pillars now. Firstly, we need rigorous compliance with existing regulations. Financial institutions need to devote sufficient time, rigor and resources to comply with these regulations.
These public audit firms are subject to rotation rules, of both the lead engagement partner and the audit firm itself, after a prescribed period of time in accordance with international best practice.