One of the UK's biggest accountancy institutes is looking for comment on the assurance sector
ICAEW is inviting comment from financial experts on the current state of audit for a thought leadership paper on assurance models.
“Over the past three years, ICAEW has been tracking the development of the assurance market. We’ve seen that many different kinds of assurance are on offer, and that savvy businesses are increasingly sophisticated in the way that they coordinate their risks, information flows, and assurance maps,” said the institute, which is using the consultation paper to explore whether the audit of the annual financial statements is sufficient to meet modern needs.
“We know that a great deal can be done. Now we want to know what is useful, and what should be done. That means listening to those who want to hold businesses to account, and it also means listening to the people who decide what kind of assurance to obtain: management.”
Entitled Where next for assurance?, the ICAEW consultation document is looking for comment on:
The deadline for response to the consultation is 22 July.