The Future of Audit

Why you should watch: The UK government is running a consultation entitled “Restoring Trust in Audit and Corporate Governance”. Its proposals would enact recommendations of the Kingman and Brydon reviews and the Competition and Markets Authority. The Big 4 audit firms are well on the way to being separated from consultancy operations. Is this the key, along with a mindset change, to improving audit quality? And would shared audits, giving challengers the opportunity to take part in more FTSE 350 audits, close the gap between them and the Big 4? Whatever the structure of firms or the market, audit quality must be the primary goal, as discussed by:

Michelle Hinchliffe, UK Chair of Audit at KPMG. Michelle has led the firm’s contribution to the debate on the future of audit. She joined KPMG in 1985, becoming a partner in 1997. She has specialised in financial services and worked with some of the world’s biggest banks. Her career has been split between the firm’s UK and Australian offices.

Charlotte Morgan, Audit Chair at SMBC Bank International, part of the Sumitomo Mitsui Banking Corporation. An FCA, she is Vice President of the Association of Corporate Treasurers and the early part of her career was spent at Price Waterhouse. She also has director or trustee roles at musical and educational charities.

Paul Lee, Head of Stewardship and Sustainable Investment Strategy at Redington, the investment consultant. Previously, he advised the Investor Forum and worked with Sir Donald Brydon on his Review of the Quality and Effectiveness of Audit. Before that he had senior governance roles at the investment managers, Aberdeen and Hermes.

Michael O’Dwyer writes about auditors, accountants, consultants, corporate governance and insolvency for the Financial Times. He previously covered financial services for The Telegraph and was jointly named Young Journalist of the Year at this year's Wincott Awards. He has an MA in Financial Journalism from City, University of London.

Moderated by Jane Fuller, co-director, CSFI


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Produced/Edited by Alex Treptow