“Sir Donald Brydon’s report sets out a bold vision of a future corporate reporting system and the very purpose of audit – with much needed clarity over the roles of auditors, directors, investors and regulators and the part they can each play.
“There are challenges to audit firms and the wider profession around how we can go further in terms of transparency, independence and communication. A future audit product and market can be built around these.
“A consensus around what an audit does, and doesn’t, do and whose purpose it serves has been long overdue. These recommendations would settle that debate and go a long way to repairing trust in business, strengthening the audit profession and improving the overall quality of UK financial and corporate reporting.
“Sir Donald’s report, along with recommendations from Sir John Kingman and the CMA, should be considered as one holistic package of reforms. We look forward to engaging as this progresses.”
Notes to editors
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