Sir Donald Brydon’s Independent Review of Audit has today called for views on how the quality and effectiveness of audit might be improved.
Responding to the call, Marcus Scott, COO, TheCityUK, said,
The questions Sir Donald has set out are fundamental to the future of the whole sector and especially those who invest in and lend to UK companies. He is right to focus on the changing role and expectations of audit, and how the usefulness and quality of the audit product can be improved.
“Audit is an essential part of the plumbing for businesses across the UK and a critical part of the wider financial services ecosystem. Good, high quality audits also support strong corporate governance – a key element of what makes the UK an attractive and competitive place to do business.
“Any review of the way that audit works needs to consider its current scope, role and function and how that should be developed into the future to provide greater assurance for investors and clients. Debates about the structure of firms miss the core point – the real focus needs to be on ensuring audits deliver the necessary high levels of quality, transparency and accountability.”
The independent review by Sir Donald Brydon, ‘The quality and effectiveness of audit: call for views’, 10 April 2019