There is not a month goes by where you don’t read the words “audit” and “reform” together in the same sentence in some publication or another, says Steve Collings.
Attempts by regulatory bodies to overhaul the audit regime to make the audit gain more credibility is going to be a huge task given the lambasting that auditors have received over recent years and the way in which the audit profession, as a whole, has been slammed by various critics.
Audit firms themselves have come in for some fierce criticism from their own regulators for failing to...
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- Assessed risks of material misstatement
- Audit scope
- Initial concerns