View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 29, 2017

ICAEW manifesto calls upon stakeholders to discuss the future of audit

By Federica Tedeschi

The Institute of Chartered Accountants in England and Wales (ICAEW) has released a manifesto urging stakeholders and investors to discuss the future direction of audit and how it can be widened to meet their demands for improved assurance.

ICAEW’s audit and assurance faculty has issued The Future of Audit papers currently consisting of three documents covering trust, technology and corporate reporting respectively. The papers concluded that there are four fundamental issues that the profession needs to address to remain valued, which included; embracing new technologies, removing barriers to change and innovation, strengthening trust in audit, and that auditing must adapt to changing demands.

ICAEW future of audit working group chair Ian Bone said that the profession needed to reach a consensus. “Auditing is facing a period of profound change as business and society undergo rapid technological transformation. The pace of change might be seen as a threat by many, but it is a time of great opportunity for the profession. Doing nothing is not an option,” he said.

More information on the report can be found on the ICAEW's website.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to International Accounting Bulletin