The quality and effectiveness of audit has become an extremely contested issue in recent times. A review around audit quality, the third of such reviews commissioned by the UK Government, was recently completed by Sir Donald Brydon.
The Brydon Report has made interesting recommendations, which address many issues relevant to the audit sector in India as well. In fact, the report hopes that the recommendations are applied universally as they address problems across various jurisdictions that include India, the United States, Canada and Australia. These recommendations are a result of a consultative process where views were sought from relevant stakeholders from around the world including India.
In this publication, we talk about the Brydon Report recommendations and its impact on the audit profession.