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.