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Not just another year

Henry Irving, head of the Audit & Assurance Faculty, looks back on 2015 and forward into 2016.

Changes to Generally Accepted Accounting Practice (GAAP) in the UK, extended auditor reporting requirements from the Financial Reporting Council (FRC) and the International Auditing and Assurance Standards Board, audit reforms from the European Union (EU), the global debate on audit quality, plus rising audit exemption thresholds are just some of the developments that are reshaping audit and shaping the activities of the Audit and Assurance Faculty.

“2015 saw the faculty convening the debate, challenging thinking, and driving change, to shape a vital future for the audit profession and this remains our focus,” says James Roberts, faculty chairman and BDO partner. “The faculty is 21 years old in 2016 and at this landmark it is especially timely for us to articulate a clear vision for the future.”

Leading-edge initiatives

Highlights from 2015 will be further developed in 2016. Our two progressive thought leadership campaigns AuditFutures and the Audit Quality Forum (AQF), have tackled big issues head on. Celebrating its 10th anniversary in March 2015, the AQF reflected on its achievements but also looked agead to consider what its priorities should be for the next decade. With its worldwide reputation for challenging current thinking and practice and informing legislative developments, the forum has a unique role to play and it is apparent that there are important - and wider - issues to tackle.

This is an extract from an article in the December 2015 / January 2016 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.

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