Ian Thomas, Director, Broomfield & Alexander

Because audit can be quite technical, and demands specialist skills, it is sometimes seen as something only accountants are interested in. But the reality is that investors, customers, suppliers, and many other stakeholders are all affected by changes to the audit market. Whilst doing an audit and the skills required are highly specialised, the underlying concepts surrounding what it is meant to do and why are easier to explain.

The ICAEW has recently launched a new website for non-accountants to explain the purpose of audit and the role of auditors. The site – www.trueandfair.org.uk – describes the processes that auditors go through to give their opinion on companies’ financial reports. It also has an interactive section where questions can be posted and answers will be provided.

The website has been set up to help improve understanding of audit, a service which is relied upon by investors and the wider business community, but which is often misunderstood or overlooked. With reforms to statutory audit currently being considered by the European Union, ICAEW hopes that www.trueandfair.org.uk will provide unbiased, objective information for anyone interested in finding out more about audit.

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