accountancy future

Audit and society

The role of audit is currently under heightened scrutiny. The global financial upheaval of the past three years has seen commentators questioning the value of large company audit. In a separate agenda, some governments have sought to minimise audit and other reporting requirements for many small businesses by inexorable lifting of the audit exemption threshold. They have equated audit to 'red tape', portraying the audit as a burden on small businesses from which those businesses need to be freed.
ACCA believes it's vital that the accountancy profession re-examines the role of audit and considers whether a sufficiently strong case is being put forward, of the benefits audit can provide businesses, the economy and society. There is little published research which demonstrates the value of audit in promoting business confidence. ACCA believes this value needs to be evidence-based and constantly tested against the demands and needs of users and beneficiaries of audit and assurance

he economic, political and environmental climate has exposed shortcomings in the way public policy and regulation have developed in areas such as financial regulation, financial reporting, corporate transparency, climate change and assurance provision.
In response to the challenges presented to the accountancy profession by this new business environment, ACCA's Accountancy Futures programme has four areas of focus  -  access to finance, audit and society, carbonaccounting, and narrative reporting. Through research, comment and events ACCA will contribute to the forward agenda of the international profession, business and society at large.