Read our most common questions and answers on what we do.
What is the CPIA?
The Centre for Public Interest Audit (CPIA) is a research and policy institute that brings together leaders from across the profession as a single, standalone voice to support reform, shape best practice in UK public interest entity audit and bring informed change.
Who are your members?
Our membership reflects the full spectrum of firms across the PIE audit market, from small to large, and we are open to existing and prospective PIE audit firms of all sizes. Our members also include two UK professional bodies: The ICAEW (Institute of Chartered Accountants of England and Wales) and ICAS (Institute of Chartered Accountants of Scotland), as well as representatives from the Big Four.
We believe this collective expertise is the CPIA’s strength, allowing it to constructively challenge the status quo from a position that is both deeply and diversely informed.
Despite this, we are an entirely standalone entity, with independent governance and a Board that reflects the collective interests and importance of the PIE audit profession. The CPIA intends to encourage competition within and new entrants to the PIE audit market and will not support or tolerate any anti-competitive activities or recommendations.
How does the CPIA differ to ICAEW?
The ICAEW has a remit to speak for the whole audit profession, but we at the CPIA are a single, standalone voice of UK PIE audit. We were created to produce research-based evidence backed best practice recommendations to help improve the quality of PIE audits and build trust in the category, driving real change.
Our focus allows us to speak with authority on behalf of the PIE market. Our identity as a standalone organisation, distinct from professional bodies and individual audit firms, allows us to constructively challenge the status quo. We are action-oriented and forward-looking, providing authoritative perspectives on audit quality.
How does the CPIA plan to build trust in the public interest entity (PIE) audit sector?
Audit plays a critical role in the UK’s capital markets by underpinning confidence in the UKs largest companies and shaping investor decision-making. This confidence has been fractured since 2018 with several instances of high-profile corporate failures such as the collapse of Carillion, highlighting the need to better safeguard the interests of financial stakeholders and broader society. Much positive action has happened across the audit and regulatory landscape over the last six years but there is more still to do.
The CPIA plans to rebuild trust in public interest audits through:
- Advancing knowledge and education to promote audit quality and support newer entrants into market;
- Providing evidence-based thought leadership on profession-wide issues; and
- Supporting best practice in auditing PIEs.
How is the CPIA funded?
Currently funded by a grant from the Institute of Chartered Accountants in England and Wales (ICAEW).
