Abstract
This chapter sets out some of the key challenges likely to impact on audit in the coming years and discusses the steps audit firms may need to undertake to deal with such issues. This chapter will primarily focus upon the need to enhance audit quality as an overarching principle. It will go on to discuss the evolving skillsets required of auditors in the light of changing technologies. It will also discuss the effect on audit of the emergence of narrative reporting. Finally, the issues affecting the audit standards are discussed in a consideration of whether these remain fit for purpose given the changing landscape. The chapter concludes by discussing the delicate balance needed between independence, innovation and regulation.
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Thompson, D. (2018). Contemporary Challenges in Audit. In: Conway, E., Byrne, D. (eds) Contemporary Issues in Accounting. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-91113-7_7
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