IFAC Response to FEE Discussion: The Future of Audit and Assurance

IFAC commends FEE on issuing this discussion document. It is important for the accountancy profession to periodically take stock of and reflect upon the future of the most critical aspects of its existence. Initiatives like this highlight the need for the profession to be proactive and forward-looking, or risk having its agenda set by others.

Indeed, it is much easier for the profession to say to others that they “don’t understand”, that it is all “very complex”, and thus nothing really needs to change. However, as recent experience has shown, if the accountancy profession does not take responsibility for its own future, then others—many who have a less-informed understanding of the key issues—will see it as their place to impose upon the profession from outside.