More than half of people aged 21–30 have no pension or make minimum contributions. Despite this, investment managers are not successfully encouraging people to save. In this Audit insights report, external auditors and ICAEW specialist staff explore whether the investment management industry is fit for purpose and use their expert knowledge to identify what changes need to be made.
Audit insights: financial services
View our Audit insights reports on the banking and insurance sectors.
This report highlights seven factors to provide high-quality non-financial reporting. From using credible alternative performance measures, to explaining the reasons for high executive pay and making tax explanations understandable, these recommendations will help make annual reports more coherent, balanced and relevant.
For those who are time poor, this is a short guide that highlights the seven important questions that financial directors, audit committee members and auditors should be asking in order to produce reports that communicate clearly and improve accountability.
Long term trends shaping insurance are examined in this report. Specifically; how will stakeholders react if better data capabilities mean more people are uninsurable, and what if non-insurers develop better data analysis? Could the growth in unadvised sales raise mis-selling risk, and how do insurers secure investment returns in a low interest rate environment?
Audit insights: banking highlights four long-term challenges that banks still face. These relate to: cultural change; the potential need to rethink banks’ business models; challenges in determining measures to assess banks’ financial strength and performance; and demands for major IT investment.
Inspiration: Program Sharing Knowledge
In 2010 the Nederlandse Beroepsorganisatie van Accountants (NBA) started Program Sharing Knowledge, designed to identify and capture information on structural risks across entire sectors by making use of auditors’ expertise. Inspired by the success of Program Sharing Knowledge, the Audit and Assurance Faculty have developed Audit Insights and our own Sector Report process to harness the expertise of auditors in the UK.