The aftermath of the global financial crisis has seen a series of inquiries into the role played by audit.
Given the circumstances in which this re-assessment has taken place, it is striking that studies have revealed continuing high levels of support for audit. In fact, many stakeholders now say they want to see auditors do more, for example providing additional assurance on matters such as the company’s corporate governance structure and its arrangements for managing risk. There is also a developing interest in increasing competition in the audit market.
The audit profession seems to be well disposed to these ideas. However, there are costs associated with conducting additional professional work. Auditors would need to develop new skills in order to perform new tasks, and there are implications for audit firms’ exposure to liability.