The financial crisis has exacerbated the erosion of trust in business. It has negatively framed the public debate, in addition to revealing multiple problems undermining the foundations of our civic society. The growing number of financial scandals has severely challenged the public confidence in business.
The gap has widened between what auditors think their role is and what the public more broadly expects of them. AuditFutures believes that there is a need to take a strategic initiative to repurpose audit and to address the criticisms levelled against it.
Most of the existing discussions and public policy debate about the audit profession focus on increased regulation. However, there is a widely shared view within the audit community that overregulation stifles innovation and creates a significant burden to smaller and middle-size businesses and practices.
Both our society and the audit profession are at a crossroads. We see this as an opportunity to create a positive and proactive systemic process about rebuilding trust.
The profession needs to pause, step back and reflect on what the role and value of the audit profession is and what audit can do to realign itself with the public interest. AuditFutures believes we need to take a systemic approach to rebuilding trust and to invite a wider and more diverse group of participants to the debate.
The audit profession is instrumental in rebuilding trust in business and we believe that the public interest should be at the heart of audit. We want to repurpose audit and rebuild the view that it has intrinsic value to society.
AuditFutures is the opportunity for the profession to be part of the answer to the major challenges society faces. Together, we are creating the concept of how to do audit better so that it best serves society. Read more about AuditFutures here.