ACCA comments on Sir Donald Brydon’s report on the Quality and Effectiveness of Audit

Commenting following the publication of Sir Donald Brydon’s Independent Review into the Quality and Effectiveness of Audit, Maggie McGhee, executive director – governance at ACCA said:

‘Throughout Sir Donald’s timely review, ACCA has clarified the primary beneficiary of audit should remain the investor and that change is needed in the audit sector for it to evolve sufficiently.

‘It is welcomed that Sir Donald has proposed a redefinition of audit to reflect the public interest.  ACCA’s own research identifies a clear expectation gap between what the public expects from auditors and what the profession can deliver.  The public has high expectations of the auditor’s responsibility in terms of fraud detection.

‘We are pleased Sir Donald recognises that the successful reform of audit is also dependent on the implementation of reforms concerning the roles of directors and audit committees.

‘ACCA will be considering the detailed and far reaching recommendations made by Sir Donald.

‘We also welcome the proposed Independent Implementation Review in 2025, it demonstrates a long-term commitment to the progression of three key reviews and to successful reform of the audit sector. ACCA will continue to work with each of the ongoing audit reviews and will be commenting in due course.’

 

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About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

 

ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and more than 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development.

 

Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com