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For the audit to move forward, the entire corporate reporting system needs to evolve
Strengthen the clarity and relevance of corporate reporting to ensure the entire corporate reporting ‘ecosystem’ is as effective as possible.
Enhance the reporting and auditing of a company’s internal controls by requiring an attestation from directors, of the design and effectiveness of a company’s internal controls, and a corresponding attestation on internal control from the auditor for larger companies.
The audit should provide more clarity and insight into the company’s potential risks and future prospects
Provide more insight about the material uncertainties facing a company by considering whether, market-wide, auditors should include a key audit matter on going concern in public interest audit reports.
There should be greater assurance beyond the financial statements
The audit needs to recognise companies’ different sizes and types
Continued investment in technology will enable a better audit
Auditors must deliver consistently high quality audits
Strengthen the culture of challenge in audit teams to ensure consistently effective scrutiny of companies.