Critical appraisal of the EC audit reform proposals and the underlying areas of concern that they seek to address

Critical appraisal of the EC audit reform proposals and the underlying areas of concern that they seek to address

REFORMING!THE!PROVISION!OF!EXTERNAL!AUDIT!SERVICES!

During'the'late'1990s'and'early'2000s'public'faith'in'the'external'audit'function'has'been'

damaged'by'a'number'of'issues'including;'a'number'of'large'company'failures,'financial'scandals'

and'the'banking'crisis.'Whilst'these'problems'may'not'be'wholly,'or'even'partly,'attributable'to'

external'auditors,'questions'are'being'asked'about'the'role'and'context'in'which'external'auditors'

play'their'part'in'the'oversight'of'financial'reporting.''

'

Historically,'the'accounting'and'audit'profession'has'been'largely'‘selfEregulating’'and'many'times'

before'there'have'been'calls'for'the'audit'profession'to'‘put'its'house'in'order’.''This'time,'in'

certain'quarters,'it'is'considered'that'the'‘status'quo’'cannot'prevail.'The'audit'reform'proposals'

from'the'European'Commission'(EC),'to'the'extent'that'they'are'finally'implemented,'would'have'

a'major'impact'on'the'external'auditing'sector'in'its'role'of'providing'professional'services.''

'

The'attached'article'entitled'Radical'Reform'by'Rachel'Fielding'from'Accountancy'Magazine'

November'2011'introduces'some'of'the'issues.'

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REQUIREMENTS :

You are required to write an essay that explains the background to the EC audit reform proposals,

and critically discusses their content, alternative solutions, and likely impact of such proposals on

the audit profession, its clients and society. As a minimum your answer should encompass the

following aspects:

• Critical appraisal of the EC audit reform proposals and the underlying areas of concern that

they seek to address.

• Critical discussion of the reaction to the proposals from the audit profession, audit clients

and wider society

• Critical discussion and comment on the extent to which the proposals have been and are

likely to be implemented and, if not, possible future alternative solutions in relation to

reforming the external auditing sector

• Justified conclusions and final recommendations.

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