The faculty will henceforth be known as the Audit and Assurance Faculty. The name change is hoped to demonstrate the wider expertise offered by the faculty.
The institute said the name change will help the faculty to correctly position itself for current and future developments in this field following this year’s audit threshold hike to £1m, current debate over an Independent Professional Review and the increase in other opportunities for assurance work.
‘The Audit Faculty needs to re-position itself to take advantage of the opportunities provided by the increasing and widening demand for other types of assurance,’ according to an institute report.
The move is consistent with the approach adopted by the larger accountancy firms to have names that better represent a department’s activities.
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