PwC: More can be done to boost the relevance and meet evolving needs where audits are concerned.

By Rob Starr, Content Manager, Big4.com

According to a new PwC global survey of investment professionals, there is a strong appetite for the audit to evolve, so that the audit remains reliable, relevant and valued in the future.

Some key messages coming out of the survey of investment professionals include the facts that they value the audit – audit opinions influence their investment decisions. As well, Management, audit committees and auditors all have a part to play in ‘beefing up’ the audit process. But it’s quality not quantity that matters – many investors and analysts revealed their understanding of the tensions that can arise, for example, between providing more information about the audit process whilst maintaining the quality of disclosures.

Richard Sexton, PwC’s Deputy Global Assurance Leader comments:

“The audit underpins market confidence in a company’s financial reporting; so the contribution of investors and analysts in this debate is vitally important, although not often heard.”

More investment professionals than not consider the audit profession to be sufficiently independent – but some suggest such confidence could be boosted by more regular dialogue.

The survey report Assurance today and tomorrow is available to download at http://www.pwc.com/gx/en/audit-services/publications/investors-views-survey.jhtml