Concerns about audit have triggered various investigations into the market’s workings, yet attempts to ‘improve’ audit quality—seem to be failing. So where now for audit reform?
Can a problem like audit be solved? Others have tried before—and others are set to try again.
There have been multiple, consistent concerns about the audit process, governance and even its raison d’être.
The concerns are that auditors fail to understand the risks built into business models, thereby impacting on auditors’ ability to provide assurance. Also, that those being audited are effectively ‘clients’ and too close to the auditors.
These issues, and more, have seen previous investigations into the market’s workings. Both UK and European regulators have pushed for auditors to rotate out from their positions. But this
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