As many of you will be aware governments in many countries are raising audit thresholds, a trend which will impact the number of companies requiring an audit, create the possibility of smaller firms losing their audit capabilities and may lead to a further increase of concentration in the audit market.
The attached paper, prepared by Dianne Azoor-Hughes, partner in Baker Tilly Pitcher Partners, Australia, and a member of the International Accounting & Auditing Standards Board (IAASB) Task Force, presents support for an economic policy that promotes good business practices in individual economies around the world. Its purpose is to set out the advantages that an audit can offer to the economy and why independent auditing should be supported by regulators, small and medium sized businesses, and anyone with an interest in promoting a strong vibrant economy.
We encourage each of you to maximise publicity of this paper within your own business communities and maintain a related dialogue with our national institutes and business communities. This paper provides an excellent framework around which we can speak out on an issue of public interest and lead the debate over the value of an audit, and can be used by you to initiate debate in our market.
Download publication in english.