The future of auditing: a cluttered horizon

Katharine Bagshaw FCA examines the future of auditing in light of a raft of UK investigations into quality, purpose and independence, the Monitoring Group's proposals to overhaul the international audit standard setters, and attempts to modernise auditing standards in an age of cross-border, digital multinational businesses, not to mention the audit needs of smaller entities

There is a lot going on in the world of auditing right now. The eyes of the world are on the UK as Kingman, the Competition & Markets Authority (CMA) review and Brydon collectively look at the whole purpose and scope of audits.

This includes whether we go down the US route of reporting on internal controls, bring back joints audits or maybe shared audits, and impose market caps. There are also questions about how we change what the regulator, the Financial Reporting Council (FRC) does and the way it does it.

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