RegulationAccounting StandardsAudit Quality Forum celebrates 2nd anniversary

Audit Quality Forum celebrates 2nd anniversary

Industry think-tank turns two years old

The Audit Quality
Forum
celebrates its second anniversary today.

The body was launched two years ago to facilitate business and the profession
working together to promote constructive dialogue in areas that required further
exploration because of their technical, legal and practical nature.

The AQF’s first five topics included audit engagement letters, identifying
the audit partner, questions to the auditor at the AGM, auditor resignation
statements and competition and choice in the listed audit market.

The AQF can be credited for putting out an interim paper on Competition and
Choice, and then called for further research, subsequently commissioned by the
DTI and the FRC, resulting in the publication of the
Oxera report.

The AQF continues to explore a broader agenda examining the relationships
between shareholders, management, auditors, regulators and other stakeholders in
the audit.
Ernst & Young partner, Gerald Russel,
who heads up the AQF, said the body was formed initially to bring together
investors, corporates, regulators and the profession to explore improvements in
Audit Quality.

‘Our first year was largely tactical with issues such as engagement letters,
resignation statements, naming the audit partner, etc. Our second year saw a
shift to more fundamental issues with less numerous but more in depth questions,
e.g. the reporting framework. Going forward, I am sure the AQF will continue to
be a good forum in which to formulate suggestions on matters of
investor/preparer/auditor issues,’ said Russel.

Further reading:

Competition report: ‘What everyone
expected’ – AQF

Competition report: shake-up to follow DTI
audit probe

Company records to be exposed

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