An Overview of the UK Audit Sector

Level: Undergraduate | Grade: 2:1 | Approx. Word Count: 2,750

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Overview

Using the UK audit sector as a case study, this essay is focused on appraising key areas of change in this national environment and assessing the extent to which the issues and challenges related to these factors have impacted of auditor effectiveness.

The auditor role is critical to ensuring the presentation of accurate, transparent and trustworthy financial reporting of corporate activity and performance (Grey and Manson 2011). However, since the spate of corporate collapses that occurred during the 1990s and 2000s there has been increasing debate over the effectiveness and efficiency of auditor performance (Saudagaran 2009). Much of this debate has been focused on issues related to the structural development of the national and international auditing market and its impact on issues such as auditor independence and ethical performance.