AI in financial reporting and audit: Navigating the new era
Directors will need to embrace AI’s transformative power in financial reporting for enhanced decision-making and risk management.
The IoD recognised the importance of auditor rotation and supported a focus on the role of director's audit committees in maintaining audit quality.
The impact of increasing a two year cooling off period to five years could compromise audit quality, and the IoD but supported maintaining the current stand down period in line with the Auditor-General's standards.