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
“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”.