BEIS report on The Future of Audit
Discussion
The report from the BEIS Committee came out this week, here: https://publications.parliament.uk/pa/cm201719/cms...
Anyone else read it? I know I should have better things to do on a Sunday...
Some quite astonishing recommendations (head to page 84 for the conclusions), and I’m not even sure I agree with some of the basic premises.
And, having left audit many years ago and headed into industry, I’m pretty surprised to see that they don’t seem to have had any representations from business at all. Most of what they’re proposing would significantly increase corporate burden but at every turn in the report they seem to be fairly dismissive of this as a factor.
Anyone else read it? I know I should have better things to do on a Sunday...
Some quite astonishing recommendations (head to page 84 for the conclusions), and I’m not even sure I agree with some of the basic premises.
And, having left audit many years ago and headed into industry, I’m pretty surprised to see that they don’t seem to have had any representations from business at all. Most of what they’re proposing would significantly increase corporate burden but at every turn in the report they seem to be fairly dismissive of this as a factor.
Not read it, but will await the ultimate proposals with trepidation.
I operate at the low end of the scale in terms of audit, but can see sledgehammers and nuts impacting on how we perform work for our clients which is bound to result in increased costs for us that clients will not wish to pay for.
Self regulation in a complex industry is always going have risks. Expectation gap is always going to be there.
I should have left audit years ago ......
I operate at the low end of the scale in terms of audit, but can see sledgehammers and nuts impacting on how we perform work for our clients which is bound to result in increased costs for us that clients will not wish to pay for.
Self regulation in a complex industry is always going have risks. Expectation gap is always going to be there.
I should have left audit years ago ......
basherX said:
And, having left audit many years ago and headed into industry, I’m pretty surprised to see that they don’t seem to have had any representations from business at all. Most of what they’re proposing would significantly increase corporate burden but at every turn in the report they seem to be fairly dismissive of this as a factor.
Welcome to "we have to be seen to do something". Which in a vaguely related field, I am making my company's mission to deconstruct aka pointing out bulls
t. I haven't read the report, but have reckoned for a while that the obvious answer is for directors to appoint accountants and for shareholders to appoint auditors.
I doubt that is complicated enough to appear in the report from a government department staffed by people without an interest in accounting, auditing, or shareholding though.
I doubt that is complicated enough to appear in the report from a government department staffed by people without an interest in accounting, auditing, or shareholding though.
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