Company audits are critical to all of us. They’re the rivets in our economy. The trust they provide pulls investment and enterprise together. That trust is what the UK’s position as a world-leading business centre is built on.
Business and wider society are changing fast and what they need from an audit is changing. It’s good that audit is under scrutiny. Everyone who uses an audit must have confidence in the opinions it contains. We’ve listened to companies, to regulators and to investors and we believe that we now have a once-in-a-generation opportunity to reset our profession.
As a firm, we want to drive the conversation forward. That’s why we’ve already made major changes to how we operate. We were the first firm to announce that we’d no longer offer non-audit services to the large companies we audit. We were the first to introduce the more nuanced ‘graduated findings’ into our audit reports – to give more information about our opinions to the users who want it. And we were the first firm to create an Audit Board and increase separation between the audit and non-audit parts of our business.
We’re hugely proud of our profession and the vital role it plays in the health of the whole economy. We’re playing a leading role in shaping where it goes next.