ACCA - The global body for professional accountants

Audit and Society

The role of audit in the caribbean

In April 2012, ACCA Caribbean held a series of three events in Barbados, Trinidad and Jamaica to assess the role and future of audit.

ACCA’s view, expressed repeatedly over the
past three years, is that audit has a crucial role to play in
boosting and maintaining trust in financial statements, and
hence in wider business performance. ACCA has argued that
audit is not ‘broken’ – but that its value to investors and other
users could be enhanced if the role were broadened to take
in a wider range of activities than just the historic financial
statements.

Many of the points were echoed by other speakers at the
three events – who consisted mostly of auditors from the Big
Four firms and government departments. It is clear that there
is a general acceptance that the status quo is not an option:
the profession is persuaded of the need for change and
evolution of the audit function. It is essential that it does so
– for a lack of positive engagement leaves the profession
vulnerable to having undesirable proposals forced upon it. In
fact, the responses given by speakers gives cause for
optimism that auditors will rise to the challenge set by
regulators when the latter finish their deliberations and spell
out the new agenda.

The report summarises the conversations at these three events.

 

Related resources

Published: 17 Jul 2012