Why has trust in auditing declined and what needs to be done to fix it?
In order to restore public and business trust in auditing and corporate governance, the government published a white paper, seeking views on proposals to strengthen the UK’s framework for major companies and the means in which they audit.
Speaking with Accountancy Today FRA partner Charlie Patrick mentions how he believes a greater emphasis on audit training is a necessity that needs to be considered as part of the government’s audit reform proposals.
“Audit education should be reformed in line with the greater expectations to include forensic accounting techniques designed to expand fraud awareness and identify and investigate instances of potential fraud.”
He goes on to add that training needs to be made accessible to all as the reforms are meant to “bring the sector closer together rather than widen the gap between the ‘Big Four’ and smaller firms”.
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