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Why the BEIS' "Future of Audit" report is a waste of paper.

Updated: Jul 16, 2019

On 2 April 2019, Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy (BEIS) Select Committee, presented the Committee's report "Future of Audit".

To say the report is a disappointment would be a complete understatement.

I should be clear. I support the need for change within the audit industry. It is evident, with the number of issues reported by the FRC (and more broadly, by regulators around the world), that change is needed within the audit industry. The role of audit, and the importance of audit, cannot be underestimated. The outcomes of an audit are relied upon by man, and help provide certainty over a businesses future. Given the importance of audit, and the current state of the audit industry, I fully support that change needs to happen.<