The Audit Quality Forum site went online this morning (Monday) and although details are currently sparse the institute has said that it will be used to inform stakeholder groups of the progress being made in the five areas identified and any future projects that may be undertaken.
The forum is tasked with looking at the following areas:
- empowering shareholders to put questions to auditors of listed companies;
- providing greater transparency around the contractual terms of the audit engagement;
- identifying the individual partners signing audit reports;
- exploring how letters of resignation by auditors can be made as transparent as possible; and
Considering the practical issues around the perceived lack of competition within the large listed company audit market and possible ways of enhancing choice.
‘One of the forum’s priorities should be to address a considerable mismatch in expectations about the role of auditors as perceived by the auditing and accountancy profession and the public,’ said Derek Scott, chairman of the National Association of Pension Funds’ shareholders affairs committee.
The Audit Quality Forum website can be accessed at: www.icaew.co.uk/auditquality
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