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Value of Audit

Value of Audit

Value of Audit

Value of Audit

Building confidence and trust in capital markets

Audit is vital to trust in financial information, and it’s this trust that turns the wheels of the capital markets system. It is the independence that auditors bring, the objective scrutiny, which gives the business community confidence in the numbers. As a profession, we need the respect and cooperation of management, but we must also respectfully challenge what we are given and make our own independent assessments. In discussions with our stakeholders and investors, there was also a recurring recognition that the audit needs to evolve with the changing times if it is to meet investor needs. A number of participants in the discussions raised the concern that the audit’s focus is on historical information – a largely backward-looking view. But what investors are increasingly looking for is assurance over prospective information. Providing broader assurance, including over more forward-looking information, is one of the key challenges in many participants’ view facing the audit.

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