ICAS ICAS logo

Quicklinks

  1. About Us

    Find out about who we are and what we do here at ICAS.

  2. Find a CA

    Search our directory of individual CAs and Member organisations by name, location and professional criteria.

  3. CA Magazine

    View the latest issues of the dedicated magazine for ICAS Chartered Accountants.

  4. Contact Us

    Get in touch with ICAS by phone, email or post, with dedicated contacts for Members, Students and firms.

Login
  • Annual renewal
  • About us
  • Contact us
  • Find a CA
  1. About us
    1. Governance
  2. Members
    1. Become a member
    2. Newly qualified
    3. Manage my membership
    4. Benefits of membership
    5. Careers support
    6. Mentoring
    7. CA Wellbeing
    8. More for Members
    9. Area networks
    10. International communities
    11. Get involved
    12. Top Young CAs
    13. Career breaks
    14. ICAS podcast
    15. Newly admitted members 2022
    16. Newly admitted members 2023
  3. CA Students
    1. Student information
    2. Student resources
    3. Learning requirements
    4. Learning updates
    5. Learning blog
    6. Totum Pro | Student discount card
    7. CA Student wellbeing
  4. Become a CA
    1. How to become a CA
    2. Routes to becoming a CA
    3. CA Stories
    4. Find a training agreement
    5. Why become a CA
    6. Qualification information
    7. University exemptions
  5. Employers
    1. Become an Authorised Training Office
    2. Resources for Authorised Training Offices
    3. Professional entry
    4. Apprenticeships
  6. Find a CA
  7. ICAS events
    1. CA Summit
  8. CA magazine
  9. Insight
    1. Finance + Trust
    2. Finance + Technology
    3. Finance + EDI
    4. Finance + Mental Fitness
    5. Finance + Leadership
    6. Finance + Sustainability
  10. Professional resources
    1. Anti-money laundering
    2. Audit and assurance
    3. Brexit
    4. Business and governance
    5. Charities
    6. Coronavirus
    7. Corporate and financial reporting
    8. Cyber security
    9. Ethics
    10. Insolvency
    11. ICAS Research
    12. Pensions
    13. Practice
    14. Public sector
    15. Sustainability
    16. Tax
  11. CPD - professional development
    1. CPD courses and qualifications
    2. CPD news and updates
    3. CPD support and advice
  12. Regulation
    1. Complaints and sanctions
    2. Regulatory authorisations
    3. Guidance and help sheets
    4. Regulatory monitoring
  13. CA jobs
    1. CA jobs partner: Rutherford Cross
    2. Resources for your job search
    3. Advertise with CA jobs
    4. Hays | A Trusted ICAS CA Jobs Partner
    5. Azets | What's your ambition?
  14. Work at ICAS
    1. Business centres
    2. Meet our team
    3. Benefits
    4. Vacancies
    5. Imagine your career at ICAS
  15. Contact us
    1. Technical and regulation queries
    2. ICAS logo request

UK audit debate: the world is watching

  • LinkedIn (opens new window)
  • Twitter (opens new window)
By Bruce Cartwright CA, Chief Executive, ICAS

20 November 2018

Key points:

  • A series of reviews into audit are currently underway in the UK.
  • The accountancy world is watching developments with interest.
  • The role and purpose of audit needs to be the primary focus of these inquires.

Public trust was the overarching theme at this year’s World Congress of Accountants (WCOA).

In fact, one of the keynotes was “The death of trust: accounting scandals that shocked the world” – sufficient to make the profession sit up and listen.

It was clear from conversations taking place both on and off the stage at WCOA, that the accountancy world is watching developments in the UK’s audit market with interest.

A series of reviews are currently underway in the UK including into the Financial Reporting Council, which is the profession’s regulator (known as the Kingman review); into the statutory audit market (the CMA review); and into the future of audit (the BEIS review).

The role and purpose of audit needs to be the primary focus of these inquires.

ICAS has already responded to the Kingman and CMA reviews and we will use these submissions as a basis for the BEIS review.

From the very start I have been clear that the role and purpose of audit needs to be the primary focus of these inquires.

In our response to the CMA, we looked at the requirements of audit and related corporate governance in other jurisdictions. This led us to highlight the potential benefits of introducing a UK version of the US’ Sarbanes-Oxley (SOX) requirements on internal control.

When the US enacted SOX in 2002 the UK accountancy profession’s response was generally dismissive of the approach. However, over time the mood has changed and the benefits of an increased focus on internal controls, both from management and auditors are now well recognised.

I do not believe that conflicts arising from the provision of non-audit services to audit clients have any impact on audit quality.

The BEIS inquiry will consider if conflicts of interest undermine trust in audit. I do not believe that conflicts arising from the provision of non-audit services to audit clients have any impact on audit quality. However, for FTSE 350 companies the only way to address the perception that they could have an impact, is to prohibit auditors from providing these services to audit clients. It’s a stance that Deloitte and KPMG, reportedly, share.

In our response to BEIS, we will again highlight that audit does not operate in a vacuum. In order to address the lack of trust in UK business, we need a holistic review of the corporate governance and corporate reporting frameworks, including assurance.

The audit market in the UK is undergoing one of its most thorough examinations in history. This is our chance to ensure that proper root analysis is undertaken to identify any weaknesses in the corporate reporting ecosystem.

Just as the US experience of SOX has given the UK food for thought, so too should the results of these reviews into audit help inform other nations when they, undoubtedly, react to their own challenges. Hopefully, the journey we are undertaking in the UK just now will deliver meaningful change and take us to the real destination – public trust regained.

Audit should be part of a holistic review

By James Barbour, Director, Policy Leadership, ICAS

6 November 2018

We need to join the dots between Kingman + CMA

By Bruce Cartwright CA, ICAS CEO

31 October 2018

2023-03-MarksElectrical 2023-03-MarksElectrical
ICAS logo

Footer links

  • Contact us
  • Terms and conditions
  • Modern slavery statement
  • Privacy notice
  • CA magazine

Connect with ICAS

  • Facebook (opens new window) Facebook Icon
  • Twitter (opens new window) Twitter Icon
  • LinkedIn (opens new window) LinkedIn Icon
  • Instagram (opens new window) Instagram Icon

ICAS is a member of the following bodies

  • Consultative Committee of Accountancy Bodies (opens new window) Consultative Committee of Accountancy Bodies logo
  • Chartered Accountants Worldwide (opens new window) Chartered Accountants Worldwide logo
  • Global Accounting Alliance (opens new window) Global Accounting Alliance
  • International Federation of Accountants (opens new window) IFAC
  • Access Accountancy (opens new window) Access Acountancy

Charities

  • ICAS Foundation (opens new window) ICAS Foundation
  • SCABA (opens new window) scaba

Accreditations

  • ISO 9001 - RGB (opens new window)
© ICAS 2022

The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

ICAS logo

Our cookie policy

ICAS.com uses cookies which are essential for our website to work. We would also like to use analytical cookies to help us improve our website and your user experience. Any data collected is anonymised. Please have a look at the further information in our cookie policy and confirm if you are happy for us to use analytical cookies: