Is statutory audit still an effective tool?
During a 50-year career I have observed audit from various perspectives – auditing with a Big Four firm; moving to business as a plc group internal auditor; then financial controller and commercial director; and latterly as a general practitioner serving small businesses.
A debate on audit last took place more than ten years ago when exemption for small companies was first mooted. Step changes since then have enabled several hundred thousand companies to avoid audit where no significant public interest exists.
Given recent corporate failures a debate seems appropriate between the profession, business leaders, government and financial academia to review how statutory audit matches business and investors’ needs.
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