Improving audit and assurance
Sir Donald Brydon has reviewed the quality and effectiveness of audit, recommending a three-year rolling audit and assurance policy, and ICAEW is examining how to implement his ideas. Carolyn Clarke reports on the plans.
Over the years, ICAEW and other organisations have highlighted the need for more connectivity between risks, mitigations and assurance. In 2019, we issued our thought leadership report User-driven assurance: fresh thinking and collaborated with the World Business Council for Sustainable Development to create A buyer’s guide to assurance on non-financial information.
Then, towards the close of 2019, Sir Donald Brydon published the final report of his independent review into the quality and effectiveness of audit, Assess, assure and inform: improving audit quality and effectiveness. This went further, recommending a three-year rolling audit and assurance policy that would be publicly available and discussed with shareholders – and ICAEW grabbed the baton again, undertaking a major project to explore how best to achieve this.