Once again the auditing profession is in the headlines, and not for the right reasons.
In spite of the major reforms to the audit regulatory regime and requirements on auditors introduced by the EU audit reform package in 2016, the auditing profession and the role and scope of the statutory audit continues to be the subject of significant criticism and challenge, particularly in the UK, but also in other major markets.
The conclusion of regulatory action against audit firms in various jurisdictions recently, which has included the imposition of significant financial penalties and other sanctions, has prompted further questions about audit quality, the degree of competition in the audit market for public interest entities and the extent of the provision of non-audit services. Possible remedies advanced have included ‘audit only firms’, an independent appointment mechanism for auditors of PIEs, capping PIE audit market share etc.
If statutory audit is not meeting the needs and expectations of society then clearly it needs to change. However, those debates and discussions about the nature of such change need to begin from informed positions about what audit currently delivers and the challenge it provides before exploring how it might evolve into the future.
To consider these and related matters, Chartered Accountants Ireland is hosting a seminar on 23rd October 2018 at its premises in Dublin. The event will hear the views of senior business people, including chairs of audit committees, analysts, and preparers of financial information and also audit practitioners on the current value of audit and, more importantly, how it might change to better meet stakeholder needs.
Proceedings will commence at 4.00 pm and conclude by 6.30 pm, followed by an informal reception.
