Future of audit debate – Institute President meets with Sir Donald Brydon

Oct 11, 2019

This week Institute President Conall O'Halloran discussed with Sir Donald Brydon his review on behalf of the British government into the quality and effectiveness of audit.  It is essential that the perspective of Chartered Accountants Ireland is reflected in this review.

The outcome of the Brydon Review is critical for Chartered Accountants Ireland, not just for the 6,000 of our members working in the UK jurisdiction who will be directly affected, but also because of the traditional influence of UK standards and practices on the auditing profession as a whole. 

The discussion ranged from the extent to which the audit reports in future should inform as well as assure stakeholders, to consideration of how to enhance the audit process by having greater collaboration between audit committees, company management and the auditor.  The meeting was the third element of a series of engagements by the Institute, both in writing and in meetings, with the Brydon review team.

The future of audit is a key theme of Conall O'Halloran's presidency and of fundamental importance to our profession.  Sir Donald Brydon's report is expected by the end of the year, and we will keep members informed of any developments or progress.