Panel discussion: A true and fair value of the audit sector

On Wednesday the 7th of June, four distinguished panelists took the stage on the first day of the FAR conference to discuss the need for change within the auditing profession. The discussion between the four members and the audience was chaired by Professor Robert Knechel of the University of Florida, academic member of the FAR Board, and member of the PCAOB Standing Advisory Committee. Five topics were discussed during the panel discussion: 1. What is the added value of an audit? 2. What is good auditing? 3. How should regulators approach the audit sector? 4. What are the challenges the profession faces and what does the future look like? 5. How to attract future talent? These five discussion topics form the structure of this paper.