This Manifesto distils knowledge and insights from ICAEW’s AuditFutures initiative into five principles for building a modern audit profession.
These five principles should be at the heart of audit reform. They call for serious attention to purpose, identity, community, education and mindset. They could help to advance the policy debate and guide the audit profession on its journey towards a better future.
Echoing the observation by Sir Donald Brydon that ‘audit is not broken but it has lost its way and all the actors in the audit process bear some measure of responsibility’, the Manifesto is a call to the audit profession to take appropriate ownership of how it is reshaped and rebuilt. By seizing the initiative, the audit profession can enhance trust in business and itself, reaffirm its public interest role, and strengthen its position in society.
The Manifesto is the heart of our ‘Building a modern profession’ report. The report and associated online materials will help to inform the dialogue between stakeholders which AuditFutures will be encouraging in the coming months.
We invite you to join us. Together, we can think differently (and better) about audit and its future. Together, we can build a sustainable future for audit, and in a small way, a better world.