Debating the future of audit
People have long debated the future of audit, and this conference was no different. But are we any closer to really finding out what needs to be done?
Debates around the future of audit and ways the market might evolve are perennial themes for those in and around the profession. In recent years, however, these debates have spread into the public domain and a much broader range of stakeholders have joined the conversation. Reform of the UK audit market has been the subject of numerous headlines and a clutch of government-sponsored inquiries and change is on the horizon. So when a panel convened to discuss change in the audit market at the faculty conference, there was plenty to talk about.
Gilly Lord, the PwC partner who chairs the board of the faculty and chaired its one-day event, began by asking panellists why the audit market needs to change.