Deloitte comment on Sir Donald Brydon speech

Commenting on Sir Donald Brydon’s speech to the ICAEW Audit & Assurance Faculty Conference on 4 October 2019, Stephen Griggs, Managing Partner for Audit and Assurance at Deloitte, said:

“Whilst Sir Donald Brydon did not give a preview of his recommendations from his ongoing review of audit, we are encouraged by his overarching message that good quality audit plays a unique role in our economy and society, promoting confidence and trust as part of a robust financial ecosystem.

“Re-evaluating the scope and purpose of audit, who it serves and the roles of different players will redefine the audit environment, both in the UK and around the world. This underscores the timeliness of the current debate about the future of audit and the importance of getting this right.

“It is clear that a future where an audit is a more ‘informative’ tool for companies, capital markets and broader society is Sir Donald’s ambition.

“This aligns well with our ongoing work at Deloitte, which is focused on evolving our audit product. We are considering how audit can evolve into something that is responsive to the needs of a much broader set of stakeholders – not just investors – and is transparent, accessible and more forward-looking, giving a holistic view of company performance, resilience and sustainability.

“Reaching this goal will require change in a number of areas, including how audit is regulated, how technology is deployed and what the market for audit providers looks like.

“But underpinning all of these is the clear need for building a new consensus around fundamental questions of what an audit does and who it serves, which is why Sir Donald’s review is in many ways key to the whole audit debate.”

End

Note to editors

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk

Member of Deloitte Touche Tohmatsu Limited