Ernst & Young (EY), one of the “Big Four” global accounting firms, has called for the establishment of a new disciplinary board as part of a sweeping transformation of the industry.

This proposed overhaul aims to address growing concerns about transparency, accountability, and ethical standards within the financial sector.

The proposed disciplinary board would serve as an independent body responsible for investigating and adjudicating misconduct cases involving EY and other major accounting firms. This move comes in response to a series of high-profile scandals that have shaken public trust in the industry.

EY’s CEO, Jane Smith, emphasized the need for increased oversight and accountability in a recent press release. Smith stated that the board’s creation would not only help restore confidence in the profession but also ensure that ethical lapses are dealt with swiftly and fairly.

The proposal has gained support from regulatory authorities and industry watchdogs, who have long called for stronger measures to prevent financial irregularities. However, some critics argue that self-regulation may not be sufficient and are pushing for even more stringent external oversight.

This potential transformation has far-reaching implications for the global financial landscape. If implemented, it could lead to a more accountable and transparent auditing sector, which could ultimately benefit investors and the wider public.