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Insights special

Future of audit

Following the UK government's feedback statement on audit and corporate governance reform, we explore the various factors shaping the profession in 2022.

Latest articles

A person standing outside looking up at an office building 27 Jul 2022
Can ARGA fix local audit?

Will the new regulator have what it takes to tackle the problems that are plaguing local authority audits? Voices from three stakeholder bodies provide their thoughts on the Audit, Reporting and Governance Authority’s potential effectiveness.

Solar panels with a cityscape in the background 27 Jul 2022
Mapping out a robust Audit and Assurance Policy

Under UK government plans, the nation’s largest companies will soon be expected to publish a triennial Audit and Assurance Policy. What are the fundamental steps for getting this right?

London skyline at dusk 27 Jul 2022
The new definition of PIE

The government is set to expand the definition of public interest entities, bringing as many as 600 new companies under the new classification. There remain concerns, however, about the government’s approach.

Low-angle shot of skyscrapers 27 Jul 2022
How to retain talent in audit

Auditors frequently struggle to hang on to their brightest talent. What should they do to boost retention rates? Firms and recruitment specialists provide some ideas.

People working at desks with papers and calculators 27 Jul 2022
New ICAEW hub to raise awareness of public sector audit

Assurance about the way public funds are spent has reached a critical juncture. ICAEW’s new UK Public Sector Audit hub provides clarity on the similarities and differences between public sector and private sector audit, as well as the variations between the UK’s four nations.

A person working at a desk with papers, a calculator and a laptop. 27 Jul 2022
The Resilience Statement – everything you need to know

As part of the wider shake-up of corporate governance and audit reform, the government has proposed the introduction of a Resilience Statement for Public Interest Entities in a bid to improve corporate reporting and shore up confidence in UK plc.

Commuters walking past in the foreground with the London skyline in the background 26 Jul 2022
Auditing with inflation on the rise

The UK inflation rate hit 9.4% in July 2022, and is rising. This presents a challenge to management and auditors alike. Despite high inflation being common in the 1970s and 1980s, inflation has only been above 3% twice in the last 30 years. Auditors will need to understand the impacts. We outline some of the key areas of the audit that may be affected by inflation.

A person working at a table with a laptop, papers and a calculator 25 Jul 2022
What more can auditors do to tackle fraud?

The role of the auditor has been called into question as never before. ICAEW’s new publication highlights how audit firms are rising to the challenge and considers what more they can do to fight fraud.

A person seen from above, sitting at a table working at a laptop with papers and a calculator by them. 20 Jul 2022
Investment boosting UK audit quality, says FRC

Leading auditors’ ongoing work to develop new technology and build effective internal cultures is paying dividends, according to the regulator’s latest audit quality review.

Four people sitting around a desk in an office with a cityscape visible through the windows 19 Jul 2022
Audit and corporate governance reform: the next steps

The timeline for implementation when it comes to audit and corporate governance reform is uncertain, but the profession must play its part in making this happen.

Someone writing on a white board in an office, with two colleagues watching 18 Jul 2022
The tech challenges and opportunities for audit

While methodologies for audit remain the same, software has evolved fast. On the path towards a more technologically advanced process, audit needs to adapt to take a more detailed analytical approach.

A person at a desk with papers and a laptop 15 Jul 2022
Using tech to enhance audit

The rate of technology adoption has accelerated during and post-pandemic as firms have engaged with new ways of working. How are these ever-changing tools reshaping audit?

A person looking at papers with charts on them at a desk 13 Jul 2022
FRC position paper: ‘the profession should lean in’

The FRC is taking an incremental approach to moving forward the audit and corporate governance reform agenda. It leaves the profession with plenty to do if momentum is to be maintained.

Future of Audit 19 Sep 2020
Five views on the future of audit

Pressure is growing on the profession to address the challenges of audit reform. We offer some perspectives on the future of audit, along with an argument for change from ICAEW.