Joint IAASB IESBA Comment Letter in Response to the UK’s Brydon Review
Jun 03, 2019
On June 3, 2019, the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) issued a joint response to the UK's Brydon review. In addition to responding to the Brydon review's proposals, the letter highlights how both Boards act in the public interest to support public confidence in audits of financial statements and other assurance engagements, and also serve to reinforce the important ethical responsibilities of professional accountants in business in the external reporting ecosystem.
The Brydon review is an independent review, established by the UK government in late 2018 and led by Sir Donald Brydon; it is looking at audits as a product and what audits should be in the future. It will address the audit expectation gap: the difference between what people think an audit does and what it actually does. It will also look at the scope of an audit, any changes that may need to be made to it and how it can better serve the public interest. The independent review will be supported by advisory groups that will provide advice and challenge emerging findings and recommendations.
Review the joint response on the IAASB’s website.