Since the early 2000's, there has been a continuing debate regarding the robustness and adequacy of the international auditing standards (IAB), which apply to the UK. This essay briefly reviews the arguments surrounding this debate.
The task of an auditor is to certify, after independent
inspection by a recognised and suitably qualified auditing
professional, the accuracy of the processes and records that
support the financial information that has been presented
within a corporation’s annual financial statements.
However, despite the changes to the standards of auditing
that were introduced in the early part of the new
millennium, many corporate stakeholder group consider these
have not led to an increase in the robustness of the audit