Regulators and policymakers are currently conducting debate over the future of audit and the structure of the audit market.
Many people have views but there has been a lack of clear evidence. This independent survey was commissioned by PwC to explore attitudes to audit quality and potential reforms among two key groups: Audit Committee Chairs and Chief Financial Officers (CFOs). The survey was conducted by YouGovStone with respondents drawn from France, Germany, the Netherlands, Spain and UK.
Among the survey's key findings:
- The vast majority of respondents are pleased with the quality of their external audit and that quality is improving.
- A clear majority report no competition concerns when they last reviewed their audit.
- Large majorities opposed to legislative interventions such as making joint audit compulsory and introducing mandatory rotation.
- Respondents strongly support increased dialogue between regulators and auditors.
- A large majority believe existing safeguards are sufficient to prevent the provision of non-audit services by a firm’s auditor.