Audit Market Monitoring

Published: 8 July 2024

1 minute read

Audit Market Monitoring focuses on monitoring emerging or growing risks in the audit market which could affect audit quality, resilience, capacity or competition. In doing so, we undertake the following specific work:

  • Enhancing our understanding of the structure of the audit market, for both PIEs and all statutory audits;
  • Horizon scanning for short, medium and long-term risks, trends and impacts on the audit market; whether they be driven by economic, political, legal, technological, socio-demographic, environmental or reputational sources;
  • Undertaking bespoke projects to gather insight and intelligence on particular audit market challenges, as an evidence base for regulatory decision-making.
  • Monitoring the supply chain for the audit market, including the availability and capability of resources at all levels of the firm, including those sourced offshore;
  • Monitoring the developments of international audit regulators;
  • Overseeing the implementation of key regulatory policy initiatives that are designed to have a positive impact on the market;
  • Monitoring, and periodically reporting on, the state of the UK and Global audit markets.