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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