** Update June 2020: Luminate has issued an open call for proposals on audit reform. Deadline 31/7/20. **
In March 2020, the Joffe Trust commissioned a scoping study into how civil society could influence the process of reforming company audits in the UK, for public benefit.
The summary report is now available: Civil Society Initiative on Audit Reform, May 2020.
The report finds:
“The next few months present an exceptional opportunity for civil society to influence audit reform in the UK. This is of tremendous importance to making the economy work on a more inclusive, responsible and sustainable basis. These behind-the-scenes rules determine whether financial reports are reliable and meet the needs of all stakeholders, or are unduly influenced by the interests of management and the audit industry.”
With input from a range of experts, the report outlines how a coalition could be set up to provide independent input in to the government’s current audit reform process.