ACCA - The global body for professional accountants

Audit and society

Audit under fire

Author details

Ian Welch

Name: Ian Welch

Role: Head of policy

Organisation: ACCA

Throughout 2010 and 2011, the role of audit has been the subject of a number of inquiries. This paper outlines ACCA’s position on the key issues that have been raised.

Audit under fire: a review of the post-financial crisis inquiries

The report covers:

  • audit competition and independence
  • expanding the role of audit
  • the value of audit committees
  • the impact of audit on going concern
  • relationships with regulators
  • the audit of small entities
  • the effect of International Financial Reporting Standards (IFRS).

We believe in the value audit brings to business and the wider economy and have made a case for extending its role. However, we accept policymakers and regulators have every right to ask tough questions on the role of audit in the global financial crisis and that the profession needs to respond appropriately.

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Published: 1 May 2011