In the article titled ‘Debating the Future of Audit’ by Ronan Nolan, the issues regarding the impact of international economic crisis on the value of statutory audit have been described. Mr. Nolan has summarized a number of issues that were discussed at an Audit Forum hosted by Chartered Accountants Ireland. The issues included were regarding the appropriateness of the financial reporting standards, the accounting expectation gap and the audit expectation gap, quality assurance procedures, the scope of the audit, communication to regulatory authorities in case of certain entities, form of the audit reports, and the role of those charged with governance of the entity in the effectiveness of the audit engagement.
According to the article, following the recent banking crisis and international economic scenario, the role of statutory audit has become more prominent than it was before. A number of people from different fields have raised questions regarding the effectiveness of audit in the current economic situation. According to politicians, regulators and other stakeholders, the value of statutory audit is being compromised due to the constraints placed by the overall economic crisis. Chartered Accountants Ireland attempted to bring these issues in the open and attempted to initiate a debate over different ways in which the value and integrity of audit can be saved and its purpose met in the future.
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