WHAT IS THE NEXT STEP FOR THE AUDIT REPORT?

摘要

At the start of April I watched with interest the US Public Company Accounting Oversight Board's (PCAOB) public meeting on the auditor's reporting model. The meeting was considering whether the US should follow part or all of the changes now adopted in the UK. Of particular interest was a session on the second day attended by four contributors from the UK, which included representatives from the audit profession (including Tony Cates KPMG's UK head of audit), audit committees and investors. While there was some variation of view, the clear tone was a positive reaction from all to the recent changes. So what are the advantages? Personally I have found the adoption of these new reports a very thought provoking exercise. As an auditor there has been a real challenge to explain to the lay reader what an audit actually involves. I think this offers a real advantage for auditors in allowing them to remove the mystique around what auditors do.