Find out more about the AQF's Evolution series; download the prospectus and debate notes.
Evolution promotes dialogue about the changing environment in which auditors work, the reporting relationships between auditors and the audit committee and how the different interests of stakeholders and their expectations of audit can be reconciled.
The Audit Quality Forum is currently focused on its third work programme, Evolution. The series covers:
The paper addresses the many and varied impacts of changes in financial reporting on audit practice. It considers the nature of audit evidence in the light of challenges such as fair value accounting, the reporting of estimates and sensitivities, complex disclosures and the interrelationship of financial statements with accompanying narrative information.
The Audit Quality Forum publications, "Agency theory and the role of audit" and "Audit purpose", focus primarily on legal relationships between auditors, directors and shareholders but there are other people who are seen as stakeholders with expectations of the audit. This paper considers whether the audit can accommodate these expectations without weakening its clear statutory purpose and what other alternative solutions might be available to meet these stakeholder expectations.
This paper builds on the results of the Audit Quality Forum's September 2007 debate and survey on the impact of audit committees on auditing (PDF 160KB/32 pages).
A high profile event was held to debate these issues. The agenda, papers and summary of this event are attached below.