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Will a Broader Use of Auditing Standards Increase Trust?

In his latest article for the University of NSW Business School publication, Business Think, AUASB Chair Roger Simnett asks whether a broader use of auditing standards will increase trust. Roger also addresses the issue of assurance quality and credibility in reports, as some practitioners may reference the standards, but elect to not fully apply them.

In order to build trust in their corporate actions and to respond to stakeholder and public expectations, an increasing number of organisations around the world are reporting performance on a broader range of non-financial information. 

They are also increasingly seeking independent assurance of such reported information, but in this quest lies a dilemma.

Application of the IAASB’s International Standard on Assurance Engagements 3000 (ISAE 3000), has raised the crucial question: is the public interest best served by encouraging the adoption of best practice assurance standards by non-financial practitioners?