Auditors should fulfil the role of trusted referees who speak up, challenge, and conduct reliable detective work on behalf of society, checking whether businesses report an informative picture about their operations. If the audit sector does its job well, its outputs should be all but boring. However, the sector is a long way away from that. In this report, the authors highlight how to get there.
In their first report, the authors showed the need for profound reform in the audit industry. In this paper, they flesh out how they think these areas should be tackled, with a particular emphasis on the need for policy changes that trigger culture change in audit firms.