The ICAEW has launched a new site which aims to inform people about the audit of financial statements. Having noticed that lots of people, not least journalists, politician and the general public, have very poor knowledge about how an audit works in practice, so the new site, called True & Fair, looks to put that straight by explaining all the important aspects of audit as clearly and concisely as possible.

The web site covers key questions like 'What is an audit?' and options for changing the current audit model. It also invites readers to submit their own questions.

The site looks pretty promising, and it'll be interesting to see how it develops over the coming months. It'll provide helpful background information as the audit profession draws up its defences against forthcoming European regulation and possible UK changes as a result of the Competition Commission review of the audit market.

(HT AnaGyorkos)

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• A meta-review of the EC audit reform proposals
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• The ICAEW annual review and AGM 2011
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• The death of true and fair

Filed under: Auditing, Institutes with tags competition and choice, ec green paper, icaew, true and fair