Audit Committee Chairmen Reaffirm the Value of Audit
The role of audit is currently under heightened scrutiny. The global financial upheaval of the past three years has seen commentators questioning the value of large company audit. ACCA believes it's vital that the accountancy profession re-examines the role of audit and considers whether a sufficiently strong case is being put forward, of the benefits audit can provide businesses, the economy and society.
We are pleased therefore to present a survey by the ACCA (Association of Chartered Certified Accountants), commissioned by ACRA (Accounting and Corporate Regulatory Authority Singapore), which reaffirms that external audit is extremely valuable to Audit Committee Chairmen, especially for the assurance it brings them and stakeholders of the company.
The findings in this new report assert that external audit brings value to business and the wider economy by instilling trust and confidence in companies' financial statements. It also engenders wider ‘intangible' benefits in terms of imposing discipline on companies and deterring fraud.