Audit forum sets out long-term agenda
Proposals state aim to examine the scope and purpose of the audit.
The Audit Quality Forum has released a draft version its future work plans, which will look at the purpose and scope of the audit.
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Alongside its continuing work on competitiveness issues, the forum is also seeking views on other areas it plans to look into. These could include the audit methodologies of larger firms, the nature of the expectation gap around what an audit actually does, the form of the audit report, investor access to audit committees, and auditor access to information from third-party advisors.
‘The possible projects outlined in the draft agenda are not set in stone,’ said AQF chairman Gerald Russell.
‘They are very early-stage proposals and are open for discussion. We welcome suggestions as to priority areas the forum should be exploring instead of, or in addition to, those set out. We want to address properly the needs of investors and business, while ensuring that any recommendations arising from this work are practicable, and really do improve further the transparency and quality of UK audits.’