28 February 2014
As part of FEE's commitment to promoting a public debate on the areas of audit and assurance, FEE has published a discussion paper on the Future of Audit and Assurance. The paper lays out initial observations which could result in potential longer-term developments in audit, assurance and other services.
FEE firmly believes that the audit profession should have the courage to question itself, especially at times such as this one where there are new developments in audit policy.
Ultimately, accounting and auditing are directed towards achieving more efficient, transparent and trustworthy corporate reporting. The common objective is therefore to improve quality in both corporate reporting and assurance and make audit, assurance and other services the most relevant possible. In order to ensure that we move in the right direction to fulfil this objective, keeping in mind the public interest, we should work towards enhancing quality and promoting the reliability of our services, improving the different forms of auditor communication, and ensuring that practitioners' services respond to stakeholders' needs.
These matters are further developed in the paper.
As the start of a journey, this paper examines the above areas of development and poses questions. FEE is committed to initiating and encouraging reflection for developing a vision for the future.