PwC UK has asked seven thousand customers how they think the audit can be improved. In a letter with questionnaire, PwC UK chairman Kevin Ellis asks customers, among other things, what the scope of the audit should be, and for which stakeholders the audit is intended. According to Ellis, the role of the audit changes as well as the expectations and needs of companies and society and he acknowledges that the audit “did not grow” with those expectations.
The British audit market is currently experiencing turbulent times after a series of accounting scandals. There are no fewer than three different studies on the functioning of the audit market, the Financial Reporting Council (FRC), the Competition and Markets Authority (CMA) and the Business, Energy and Industrial Strategy committee (BEIS). The accounting firms were also asked to provide input on possible measures to reform the market.
There are already several studies that look at the structural elements of the audit market and that examine important issues in the area of choice, independence and quality.We believe that the sector must also do its best to work together with companies and other stakeholders on practical issues. come up with solutions for the changing role of the audit, in order to meet the changing needs and expectations of companies and society.
PwC says that the results of the survey will be included in a series of round table discussions at various locations in the United Kingdom, starting from 14 December. The conclusions of these interviews and the questionnaire will be presented on 11 February during an event and published as a white paper.