The media, legal and disciplinary reaction to scandals such as Tesco and Rolls-Royce will affect the development of audit reports.
The fragile achievements of extended reports, pioneered in UK, and now being rolled out across the world needs support and encouragement from everyone involved to avoid boilerplate and continue to develop their quality and relevance.
ICAEW’s latest report, The extended audit report: the start of a conversation, outlines the challenges and offers some reporting benchmarks along with 6 calls to action to build on the achievements of the UK profession in extended audit reports.
This represents a significant challenge for the profession worldwide. There is a real risk of failure, but the prize is worth striving for: clear communication of the value and relevance of auditing.
The full report can be found at: ICAEW.com/ExtendedAuditReport.
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