FUTURE OF AUDIT

There is clearly a degree of instability,

even turmoil, within the market for audit services, including behaviours

within that market. The regulatory framework for going forward is unlikely to

be perceived as being clear-cut by many and the challenges are no less than they

were a decade or even two decades ago. Indeed, we now know more about behaviours,

and possessing that greater knowledge provides more questions than

solutions in respect of the ethics of auditors and their behaviour, particularly

relating to independence. All of this leads to the conclusion that the country

requires a more comprehensive investigation into what is the future of audit.