Remaking audit: A plan for culture change and regulatory reform
Article
Auditors should fulfil the role of trusted referees who speak up, challenge, and conduct reliable detective work on behalf of society, checking whether businesses report an informative picture about their operations. If the audit sector does its job well, its outputs should be all but boring. However, the sector is a long way away from that. In this report we highlight how to get there.
In our first report, we showed the need for profound reform in the audit industry. In this paper, we flesh out how we think these areas should be tackled, with a particular emphasis on the need for policy changes that trigger culture change in audit firms.
While there have been a number of proposals in the other five of the areas highlighted above (which we draw on), recommendations around culture change tend to be particularly under-developed. We aim to fill this gap with our proposals.
Related items
Supporting the status quo: How the taxation of wealth in the UK grows regional divides
The new government’s primary mission is to deliver economic growth, rooted in an ambition for prosperity and opportunity to be accessible across the UK.Driving 'natural' renewal: The progressive case for restoring the natural environment
Our natural environment is in crisis, and nature in this country is currently in a state of managed decline.Plugged in: Accelerating the electrification of road transport
The new government has been elected with a mandate to deliver ambitious climate action.