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Audit Quality Forum (AQF)

Tackling the big issues and making public policy work

The AQF was formed in 2004 at the instigation of the UK Government. It is supported by ICAEW, UK Financial Reporting Council (FRC) and the UK Department for Business, Innovation & Skills. The AQF encourages open and constructive dialogue about issues which are in the broadest sense related to audit quality.

What it's all about?

ICAEW's Audit and Assurance Faculty set up the Audit Quality Forum in 2004 at the request of the Secretary of State for Trade and Industry.

Its aim is to promote quality and confidence in corporate reporting.

The Forum meets every few months to discuss the current work programme and consider emerging issues, for example, the audit debate in Europe.

If you would like to receive details of forthcoming Audit Quality Forum events or to receive a copy of future reports, please email aqf@icaew.com.

To find out more, please read the current prospectus, Global Challenges.

What we're thinking about

The Forum is currently considering what makes financial statements reliable, which is one of the work streams from its fourth series, Global Challenges.

What we've done

The Global Challenges series has covered how national infrastructures affect audit quality; the auditor’s potential role in managing systemic risk and the provision of non-audit services by auditors.

Previous series have included:

  • Evolution, which looked at how internationally, audit might evolve because of changes in corporate governance;
  • Fundamentals, which examined the relationships between shareholders, boards, auditors, regulators and other shareholders in the audit;
  • Shareholder involvement, which was established to support shareholder involvement in the audit process.
  • Global challenges

This work provides a platform for the current and future work of the Forum on Global challenges related to providing direction and promoting dialogue on three themes: audit market needs, audit performance, and audited financial information.

The Forum meets regularly and if you are interested in knowing more about its debates, please view the library of work of the Forum.

What's new?

AQF Vodcasts

Vodcast from the Audit Quality Forum debate - Are we making the step change in thinking necessary to respond to the financial crisis? - held at Freshfields on 9 October 2014.

Spotlight on audit committees: A step change in transparency

The changes to implement effective company stewardship announced by the Financial Reporting Council (FRC) for 2013 create an expectation that audit committees will achieve a step change in their reporting. With the support of the FRC and the Department for Business, Innovation and Skills, the Audit Quality Forum explored this question in a debate on 20 March 2013.

High Quality Corporate Governance (March 2013)

This is a transcript of the speech Jo Swinson, Minister for Employment Relations, Consumer and Postal Affairs, delivered at the AQF meeting on 20 March 2013. Her speech centred on three key themes: the importance of audit committees, executive pay and women on boards.

About the forum

The ICAEW Audit and Assurance Faculty convened the Audit Quality Forum in 2004. Its aim is to promote quality and confidence in corporate reporting