Enhancing external audit: learning from the public sector
Gillian Fawcett, January 2010. This paper compares and contrasts public sector audit with the private sector audit of listed companies in the UK. It considers pricing, risks and audit liability across the public and private sectors, together with examining different practices for auditing the financial opinion, corporate governance, arrangements to prevent and detect fraud and corruption, value for money, and reporting. We draw conclusions on what, if anything, private sector audit can learn from public sector audit and set out some key future audit challenges.