Credible financial information is fundamental to establishing the confidence
of and access to capital markets. An audit underpins credible financial
information. This is the value of an audit.
Recent events, however, mean that audits cannot be perceived as being
routine, annual exercises merely required by statute.
Stakeholders require responsible and objective judgements from independent
auditors.
A deep knowledge of business, business risks, financial reporting principles
and regulatory requirements, as well an understanding of complex business
systems, processes and controls is also important. Moreover, auditors'
judgements must be rooted in professional integrity as well as an in-depth
understanding of each client's industry value drivers, competitive
positioning and marketplace practice.
