Two thirds of businesses say audit fails to meet needs of investors

PwC is calling for statutory audits to provide more information about companies’ risks and future prospects following research into audit effectiveness which found that the majority of businesses and investors criticise the current audit process.

It says that current audit practices fail to meet the needs of investors and the wider community.

The firm is seeking to encourage wider debate around the future of audit and has gathered hundreds of points of view over the past eight months through roundtable events, meetings with senior business leaders, investors and other interested parties, an online forum and a survey of business leaders and investors.

Read more at Accountancy Daily.