Introduction
Audits serve a vital economic purpose and play an important role in serving the public
interest to strengthen accountability and reinforce trust and confidence in financial
reporting. As such, audits help enhance economic prosperity, expanding the variety,
number and value of transactions that people are prepared to enter into. However, in
recent years, and in the light of corporate scandals, we have witnessed ongoing global
demands for improvements in audit quality. Changes have been made in the UK to
promote greater transparency in the audit and accountability in auditors but there are
continuing demands for further improvements to be made. This raises questions about
how (and to what extent) these various demands and concerns can be addressed.
IntroductionAudits serve a vital economic purpose and play an important role in serving the publicinterest to strengthen accountability and reinforce trust and confidence in financialreporting. As such, audits help enhance economic prosperity, expanding the variety,number and value of transactions that people are prepared to enter into. However, inrecent years, and in the light of corporate scandals, we have witnessed ongoing globaldemands for improvements in audit quality. Changes have been made in the UK topromote greater transparency in the audit and accountability in auditors but there arecontinuing demands for further improvements to be made. This raises questions abouthow (and to what extent) these various demands and concerns can be addressed.
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