The Centre for Public Interest Audit (CPIA) emphasizes the importance of audit in light of recent corporate failures. Scrutiny on the profession is at an all-time high due to market concentration and the need for change post-Carillion collapse. The CPIA aims to enhance audit quality and trust through research and stakeholder engagement.

The Audit Trust Index (ATI) tracks stakeholder perceptions of audit trust, providing insights into areas for improvement. The second annual index shows progress in audit quality perceptions, but highlights the need for clearer reporting and bridging the expectation gap. Independence, objectivity, and transparency remain crucial for building trust in the audit profession.

Stakeholders express confidence in auditors’ response to fraud risks but call for simpler, clearer reporting. The public demands reform and transparency in audit practices. The government’s proposed audit reforms must prioritize quality, transparency, and trust to build a sustainable market and prevent future failures. Trust in UK audit is rising, but continuous improvement is essential for long-term success.

Read more at Yahoo Finance: Trust in UK audit is rising, but the public needs reform and clear reporting