Audit today and tomorrow

What do investment professionals look for in reporting and assurance?

Investment professionals value audit but believe that audit reports could give more meaningful and timely information. The financial crisis has fundamentally shifted the way that the world views the capital markets system. We need to acknowledge that shift and respond to the challenge it presents to help shape and define the future role of audit and assurance.

We asked both mainstream investment professionals and corporate governance specialists for their views on how well audit currently serves their needs and how it might evolve in the future. Our report, Audit today and tomorrow, analyses the underlying findings from the survey.

Key messages from our survey:

• Audit affects investment decisions, but audit reports themselves do not give meaningful information
• Investors are selective about where additional transparency could be useful
• Information on the “behind closed doors” aspects of the audit would be valuable, but there are concerns about consequential constriction of open debate
• There is an appetite for more timely assurance
• Assurance is sought on metrics and narrative that currently fall outside the audit’s scope

Audit is under intense scrutiny and we must continue to reinforce the important role it plays in the capital markets, and how it cannot and should not be commoditised. All market participants need to be engaged in the debate to ensure that change happens.

Download the full report - Audit today and tomorrow