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Brydon Review now ‘open’ for views
11 April 2019
An independent review into the quality and effectiveness of the UK audit market is calling for ‘views’ from all stakeholders.
The review, which is led by Sir Donald Brydon, directly follows on from the Kingman Review and the current investigation by the Competition & Markets Authority.
Sir John says not everything is broken and many audits are conducted to a very high quality. He felt in lots of areas the UK has lead the world in the development of audit, and he is mindful not to discard what is good in the search for what is better.
In the forward to the ‘call for views’ Sir John stresses the result of the review must be a more useful and forward-looking audit. He said the public interest is clear, and noted that while most people will never read an auditor’s opinion in a company’s accounts, tens of millions of people depend on robust and high-quality audits.
Sir Donald’s review will examine the existing purpose, scope and quality of statutory audit in the UK, in order to determine:
- The needs and expectations of users of financial and non-financial corporate reporting.
- How far the audit process and product may need to improve and evolve to meet the needs of users and to serve the wider public interest.
- What specific changes to statutory audit model and wider regulatory framework for audit many be needed to deliver this, including any changes to company law.
- Whether other forms of business assurance should be developed or enhanced to enable shareholders and other stakeholders to assess better the future financial prospects and sustainability of companies.
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