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December 11, 2011

Audit profession needs more stakeholder engagement: IAASB

The audit profession needs to do more to engage with stakeholders, especially those without access to the company’s long-form report, according to International Auditing and Assurance Standards Board (IAASB) chairman Arnold Schilder.

Schilder intervened during Nexia International Audit Forum on the role of auditors in the current economic environment and called for clear and easy to understand audit statements, stressing the importance of a “global auditing language”.

“There is a strong call that auditors should be communicating what they do, why they do it and the relevance of financial reporting, not just in relation to the company they’re auditing but the wider world,” he said.  

Nexia International’s Audit Committee chairman Felix Lozano said there are opportunities to enhance the quality of audits globally, “but only if the future direction of the audit profession is based on a framework for audit delivery that is easily understood professionally and financially, taking into account both risk and reward”.

 

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