Compulsory external audits are part of the price of the privilege of enjoying limited liability. Yet clients nevertheless expect audits to add value. Auditors must cope with difficult challenges, such as the burgeoning size of client companies, globalisation of business, international legal and tax complexity and technological advances. 

Such developments necessitate a regular updating of audit priorities and methodology. In a market-driven commercial environment, these changes lead to greater efficiency, hopefully without a comparable increase in risk.