A new standalone voice for audit has been created by the ICAEW and ICAS. The Centre for Public Interest Audit (CPIA) aims to bring together audit firms from across the profession to shape best practice, drive quality and increase trust.
The CPIA wants to become an independent voice on behalf of public interest entity auditors, offering clear-cut recommendations for areas of development and improvement.
A chair, Baroness Margaret Ford (pictured), has been elected, and she said: “Audit and assurance plays a critical role in the UK’s capital markets and the importance of tackling the most challenging areas of the industry cannot be underestimated. Our ambition is to proactively identify both shortcomings and best practice in public interest entity audit to support a more robust, resilient, forward-looking profession, delivering value for and enabling confidence among all stakeholders”
Baroness Ford felt that the new organisation aligns with the UK government’s aim to strengthen regulatory powers with its upcoming Audit Reform and Corporate Governance Bill.
