Changing audit: commoditisation and complexity

Audit is a dynamic discipline and changes in the pipeline are likely to have a significant impact on audits of all sizes as technical complexity means that audit is becoming increasingly specialised while threshold changes is reducing the number of mandatory audits. Audit specialist Katharine Bagshaw FCA reviews the current audit landscape

To start with, the international authority, the International Auditing and Assurance Standards Board (IAASB), is revising two core standards, ISA 315 Projects (revised) on risk analysis and ISA 540 Accounting Estimates.

IAASB also has a paper out on data analytics, which may well lead to further revisions to some of the core standards. Add to that its current project on quality control, and there is a lot happening on the standard-setting front affecting the basics of all audits. But even that is not the whole story.

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