PracticePeople In PracticeTweedie: Audit reports “hopeless”

Tweedie: Audit reports "hopeless"

ICAS's president says the audit report fails to deliver value and transparency for investors

Tweedie: Audit reports “hopeless”

AUDIT REPORTS have been described as “hopeless” by ICAS president Sir David Tweedie.

Sir David, who became one of the most globally-recognised accountants after running the UK and then international standard setters, said during an online discussion that the report fails to show the auditor’s opinion, reports The Herald.

“The audit report at present is hopeless. It’s full of who is repsonsible for what, and it’s difficult to find the auditor’s opinion,” he stated.

Sir David wants more information presented to investors about the contentious policies used by companies, and information on going concern assumptions.

It is not the first time that Sir David has spoken out for more value to be gleaned from the audit report. In January he said that moves by the international audit standard setters (IAASB) to make the audit a more vital part of investment analysis would serve to highlight “good” audit work by the accountants.

“Everyone knows a bad audit – now that it’s splattered all over the pages of the press as a company gets into serious trouble, undetected by the auditor,” he added. “But no one knows when there has been a good or outstanding audit.”

Related Articles

Ex-ICAS president Jim Pettigrew appointed chair of Scottish Financial Enterprise

Accounting Standards Ex-ICAS president Jim Pettigrew appointed chair of Scottish Financial Enterprise

1y Fraser Simpson, Reporter
AAYP 2016: Five key skills auditors will need in the future

Accounting Standards AAYP 2016: Five key skills auditors will need in the future

1y Acccountancy Age
ICAS names Ken McHattie as new president

Accounting Standards ICAS names Ken McHattie as new president

1y Richard Crump, Writer
Taking Stock: ICAS strikes a chord with Glasto stats

Accounting Standards Taking Stock: ICAS strikes a chord with Glasto stats

2y Kevin Reed, Writer
Lord McFall joins ICAS Council

Accounting Standards Lord McFall joins ICAS Council

3y Calum Fuller, Reporter
Former ICAS president to lead new ethics drive

Accounting Standards Former ICAS president to lead new ethics drive

2y Richard Crump, Writer
ICAS chief urges accountants take 'personal responsibility' on ethics

Corporate Governance ICAS chief urges accountants take 'personal responsibility' on ethics

2y Kevin Reed, Writer
Taking Stock: Steaming down the Thames with ICAS prez

Accounting Standards Taking Stock: Steaming down the Thames with ICAS prez

2y Taking Stock