Various factors have changed the business environment in which today’s auditors operate. This has resulted in a worldwide challenge to align the capabilities of auditors to the requirements of this new environment. Have auditors adequately responded to this challenge? This report investigates this question by looking at the current and future capability requirements of auditors performing complex financial statement audits.

This report is based on 84 interviews with auditors, corporate managers and members of corporate audit committees in some of the largest listed companies in Australia, South Africa and the United Kingdom and other stakeholders who have some oversight, public policy or educative role in audit.