Our launch conference focused on the value of audit, and how meaningful reform should result in higher quality reporting, governance and audit
One of the primary objectives of the CPIA as a research and policy institute is to encourage open and evidence based dialogue to support quality across the profession and drive meaningful change. The CPIA launch conference demonstrated the willingness of participants to convene to share different perspectives on front of mind topics for the profession, and the appetite to strengthen the strong foundation that we have in the UK as a highly reputable destination for capital.
Some central themes that echoed clearly over the course of the afternoon included the value of audit in times of uncertainty, and how focused reform should be a differentiator, driving higher quality reporting, governance and audit.
The discussions considered the balance between regulation and growth, the case for reform including the scope and impact of PIEs, the opportunities to better understand the health of companies, and the accountability of directors and auditors.
As well as these very current issues, the event also looked forward to the future of the profession, in the context of a geopolitical environment of uncertainty and against the backdrop of artificial intelligence.
The importance of public interest entities and the value of audit – as part of a system of oversight which is trusted and supports informed decision making – must remain a priority for the UK as a leading capital market. Over the course of the coming months, the CPIA will continue to convene its membership and other stakeholders to share research and evidence backed views, and encourage forward looking and focused discussion that helps shape the profession of the future.
Event highlights
Speakers and panellists: Baroness Ford – Chair, CPIA; Richard Moriarty – CEO, Financial Reporting Council; Alexander Baker, CEO, Fingleton; Katie O’Neill, Director of Stakeholder Engagement & Corporate Affairs, Financial Reporting Council; Becky Eagle, Public Interest Audit Partner, Grant Thornton; Eoin Parker, Director of Business Frameworks, Department for Business and Trade; Gilly Lord, Global Leader for Public Policy and Regulation, PwC; Joe O’Connor, CEO, Four Seasons Health Care Group; Karthik Ramanna, Professor of Business & Public Policy; Katie Canell – Interim Executive Director, CPIA
Opening remarks
“Views on the nature and value of regulation and assurance are diverging quite sharply between the European and North American models.”
Keynote: Regulating for Growth
“There is a significant gap for me between what an auditor is actually charged with doing versus what people might think an auditor does.”
Fireside chat: The case for reform (Part 1)
“The particular pressure is whether or not foreign businesses view the UK as an attractive destination to set up and do business.”
Fireside chat: The case for reform (Part 2)
“We’ve been having a conversation among ourselves for years now and I’m really keen it’s concluded, and we get certainty.”
Panel discussion: Scope and impact of public interest
“The definition of public interest entity doesn’t capture the significance of our largest companies across the board.”
Panel discussion: Red flags and accountability: keeping the market informed
“Some of this is not rocket science and it’s not nuanced.”
Keynote: The profession of the future
“If audit can in fact build and sustain trust where it is most needed, it will be the profession of the future.”
Closing remarks:
“This is an opportunity for focused reform. This should be a differentiator which brings clear value to PIE status and drives higher quality reporting, governance and audit.”
