Restating the Value of Audit

The ACCA examines the importance of audit and the skills auditors bring to businesses, which underpin economic stability.

 

The role of audit is currently under heightened scrutiny. The unprecedented global financial upheaval of the past two years has seen commentators questioning the value of audit at the large public company level.

 

ACCA believes that it is vital for the accountancy profession to re-examine the role of audit and to question whether a sufficiently strong case is being put forward for the benefits that audit can provide to businesses, the economy and society.

 

Key points include:

 

  • Audit has a key role to play as a source of public confidence in the financial reporting supply chain.
  • Audit skills are intrinsic to the training of a professional accountant, providing insight and experience of business models and engendering the values of professional scepticism and independence of thought that enable both audit practitioners and other accountants to advise businesses well.
  • Assurance is essential to all businesses to instil and maintain confidence and trust among their many stakeholders.
  • The advent of a new series of International Standards of Auditing (ISAs) will be an important step forward in increasing mutual understanding between auditors, companies and investors around the world on the purpose and practical aspects of audit.

 

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