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A meeting of minds

Members of the faculty committee and its new chair share some perspectives on current and emerging issues affecting the audit profession.

Ask a group of auditors what they see as the big issues for the profession and their responses are varied. “The word audit is misused and misunderstood,” says one practitioner. “Auditing standards that are written for big listed companies must be applied to relatively small entities,” says another. A third suggests that “concentration of market share is stifling much needed innovation”. Others cite challenges around technology; recruitment and retention; the changing needs of stakeholders; a race to the bottom on price; plus negative narratives around audit.

Some issues loom larger for some auditors than for others. Perspectives and priorities may be influenced by the personal and the professional, past and current roles and responsibilities, organisational size and structure – and more. This variety is reflected in the Audit & Assurance Faculty committee and its 17 members. “They each bring with them a wealth of knowledge and understanding of current and future issues affecting the audit profession,” says Henry Irving, head of the faculty.

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