PracticeAuditICAEW: Regulation won’t instil trust in auditors

ICAEW: Regulation won’t instil trust in auditors

The profession, not the regulators, must drive to inject trust into the profession says ICAEW chairman of audit and assurance

REGULATORS cannot bring back public trust in auditors, according to the ICAEW’s audit and assurance faculty chairman.

Charles Bowman, also a senior partner at PwC, made the comments at a recent audit and assurance conference set up by the auditing special interest group.

Bowman said it was up to the profession, not the regulators, to inject trust into audits.

“Auditors can’t make businesses trustworthy, just like regulators can’t make auditors trustworthy,” he said.

The public is looking to the regulators to rebuild trust following the credit crunch which was brought about by the banking crisis in 2007. He said that “trust is earned and developed outside of regulation” and was about “leadership not just processes”.

Trust was of vital importance to the profession at the moment, he added. In a debate held by PwC earlier this month, attended by CEOs and CFOs from both the private and the public sector, it was revealed that public trust in audits has never been lower.

“Earning trust has to be down to the profession and not down to the regulator – otherwise I fear for our future.”

Related Articles

The future of the audit industry: From masses of data, to meaning

Audit The future of the audit industry: From masses of data, to meaning

12m Acccountancy Age
Deloitte scoops GSK 'mega audit' from PwC

Audit Deloitte scoops GSK 'mega audit' from PwC

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
BDO appointed new auditor of Game Digital as Deloitte ditched

Audit BDO appointed new auditor of Game Digital as Deloitte ditched

1y Stephanie Wix, Writer
BDO's 'agility' makes it well placed to succeed - Eagland

Accounting Firms BDO's 'agility' makes it well placed to succeed - Eagland

1y Kevin Reed, Writer
Friday Afternoon Live: Accountants in government; audit market concentration; Top 40 Networks

Audit Friday Afternoon Live: Accountants in government; audit market concentration; Top 40 Networks

1y Kevin Reed, Writer
The impact of Brexit on EU audit reform

Audit The impact of Brexit on EU audit reform

1y Richard Crump, Writer
Audit Reform: The Conflict Minefield

Audit Audit Reform: The Conflict Minefield

1y James Roberts, BDO