ICAEW reveals vision for the ‘future of audit’

ICAEW has revealed its “vision for the future of audit”, in a five a part manifesto which the body hopes will help “reform the sector”. 

In a statement the ICAEW said the manifesto was an opportunity for auditors to “take full and appropriate responsibility” for modernising their profession, re-affirming the centrality of acting in the public interest and “enhancing trust in the audit process and in business generally”.

The five principles of the body’s manifesto are:

• Purpose: to articulate, uphold and communicate the profession’s social and economic purpose
• Identity: to develop and promote the distinctive identity of the audit professional
• Community: to foster a collaborative learning community for the professional practice of audit
• Education: to support holistic professional formation and education
• Mindset: to adopt a design mindset to think and work differently

It is now the ICAEW’s view that the success of any wider changes to markets and regulation “depend on the establishment of a clear and common understanding of the role and purpose of audit”.

Michael Izza, ICAEW chief executive, said: “It’s vital that audit evolves to meet the needs of the future, and we all have a responsibility to reshape and rebuild the modern profession 

“Now is the time for action, with the five principles our research has identified – of purpose, identity, community, education and mindset – at the core. By taking the initiative, auditors can enhance trust in business – and in the audit product itself.”