South Africa

Details

  • Service: Audit
  • Type: Press release
  • Date: 2014/07/28

Audit profession must evolve and change to remain relevant 

The audit profession must evolve and change to remain relevant in today’s rapidly changing global economic environment. Without significant changes, the audit profession will miss a critical opportunity to add value and offer insight to investors and stakeholders. These necessary changes, along with pressing issues facing the audit profession today are explored in the Value of Audit: shaping the future of corporate reporting, a series of candid, personal interviews with 16 of KPMG’s audit leaders from around the world.

“As auditors, our primary product is based on a historical set of statutory financial statements,” said Larry Bradley, Global Head of Audit, KPMG International. “However, stakeholders are clearly increasingly basing their decisions on information that resides outside of those statutory accounts.”

 

 “Auditors have broader access to a company than almost any other entity or profession,” said Larry Bradley. “We are in a unique position to deliver more than a pass/fail report. I think what we’re finding is delivering this kind of report is not providing investors with all of the insight that they need in order to make their investment decisions.”

 

KPMG welcomes the recent proposals from the International Auditing and Assurance Standards Board (IAASB) to expand the auditor’s report to give increased information on the matters the auditor determined to be of most significance in the audit.

 

“The IAASB’s proposals are an important first step towards better meeting the needs of users who want more insight into the audit that was performed than is possible under the current reporting model,” said Larry Bradley.

 

The Value of Audit explores this key issue and others that are impacting audits today including:


1. The audit model and profession.
2. Audit quality and value.
3. Relationships and 3rd party perception.


Join the discussion on the Value of Audit by following us on Twitter @kpmg_sa #valueofaudit

 

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Value of Audit

Value of Audit
Value of Audit features candid interviews with KPMG audit leaders exploring the current and future state of audit and its value to corporate stakeholders.