UK Audit Question

[Mike1011]

Hi!

I'm shortly conducting a presentation on auditing and was hoping to tap in to some of the knowledgeable minds on this forum! I'm struggling with a particular area, namely how the audit profession may need to change/adapt in the near future in order to counteract the increasing demand for companies to report greater quantities of information at a faster pace. I am particularly interested with regards to external auditors.

Anyone have any insights on this area? Would be greatly appreciated! Thanks

 

[Mike1011]

Thought it might help if I give a bit more information on where I am with this. I am confident with explaining the reasons behind the change in reporting, for example integrated reporting to include other aspects such as environmental impact, need for faster decision making and demand by stakeholders for transparency of information to name a few. However I am struggling to really nail down how this will affect the audit profession going forward. I have a few ideas based around greater technological integration, auditing of qualitative information and perhaps greater integration between clients and auditors, however I don't feel that this adequately covers the topic. Unfortunately the main drivers of future changes in the Audit profession which I am aware of centre around changes in legislation (mandatory rotations and such), so I have found it difficult to research the specific impacts of faster, more encompassing reporting on the Audit profession.

Any pointers anyone can offer would be most gratefully received.