This report, compiled from the insights of roundtables hosted by Grant Thornton and ACCA in seven countries, finds that in a rapidly changing world, audit does have a future. The overall consensus is, rather than try to scale an audit down to the lowest common denominator – in other words, financial information – the modern audit should ‘find a way to meet the differentiated needs of report users’. We also look at how auditors themselves have to change in order to meet the new requirements that could be demanded of them?
Some of the other items looked at are:
- changes in environment;
- changes in audit expectations;
- audit in the digital age; and
- what are the implications for standard setters and regulators?