Over the past three years, ICAEW has been tracking the development of the assurance market. On 1 June 2016 we launched a consultation asking the people who need assurance to share their opinions on what is useful and what should be done. The consultation closed on 22 July and we will be discussing the response over the coming months and at an event on 3 November.
How can the board be sure that they’ve got the assurance that they need where they need it?
Since 2013, ICAEW has been tracking the development of the assurance market. We’ve seen that many different kinds of assurance are on offer, and that savvy businesses are increasingly sophisticated in the way that they coordinate their risks, information flows, and assurance maps.
Now we are engaging with representatives from across the sector to discuss what is useful, and what should be done in future.
Our consultation asked trustees, executive directors and NEDs, along with investors, regulators and those undertaking assurance activities to share their responses to the statements below.
While the formal consultation period is now over, if you are interested in responding to the questions we posed or participating in the discussion, please contact Ruth Ward on: firstname.lastname@example.org.
|What do you think?|
||Rather than focusing on the annual report – or any other single report of an organisation – we should think about the right way to use assurance to meet the needs of the organisation itself.|
|2||The role of the board in determining the need for assurance, internally and externally, is vital to understanding the future of assurance.|
|3||Getting the right assurance in the right place is essential. This means asking the right questions about risks and information flows, and in a complex organisation it means keeping track of the situation with an assurance map.|
|4||Assurance can be provided over risk disclosures or forward-looking information, even if the question asked is different from ‘is this true and fair?'.|
|5||Assurance can add value to narrative information using current principles and techniques, and the skilled judgement of preparers and assurance providers.|