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New corporate audit body would be a costly distraction

New corporate audit body would be a costly distraction
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The Brydon Report

29 January 2021: The Brydon Review presents several opportunities for the profession, but the critical starting point is to embrace its conceptualisation of audit, says Professor Christopher Humphrey as part of a series of articles based on themes from ICAEW’s Audit Manifesto.
Professor Chris Humphrey was on one of the advisory boards for the Brydon Review, so is somewhat closer to it than most. He believes it offers a huge opportunity for the profession. Of most importance here is its reframing of the scope and purpose of audit in terms of helping to build and maintain deserved confidence in the company, its directors and the information it makes public, including the financial statements. ....

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It's time for audit to embrace change

29 January 2021: Katie Canell, Deloitte UK’s managing director for audit innovation is putting the principles of ICAEW’s Audit Manifesto into action. She explains why the time is now for the profession to act.
This is a hugely exciting time to be working in audit. Katie Canell would know that better than anyone. As managing director for audit innovation at Deloitte in the UK, she has an overarching view of how audit is evolving.
“The reform debate has raised a number of challenges, but it s given us a real impetus to drive meaningful change,” she says. “The current situation with a pandemic has accelerated that need for change further – in particular, amplifying business risks around fraud, going concern and viability. There s a real appetite for transformation, perhaps in a way we haven t experienced before.” ....

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