Future developments Given the extent and nature of the legal and regulatory changes to the audit environment

since 2002, it seems unlikely that there will be any major change to auditors approach to auditing, or their responsibilities, in the near future. As noted earlier, by 2002 the audit effectiveness and efficiency arguments for adopting the business risk approach to auditing were already being challenged. Reporting on the effectiveness of auditees systems of internal controls and risk management

Examining and expressing an opinion about, the truth and fairness of all the information (financial and non-financial) provided in companies annual reports

The information directors must provide in their business review includes: 1. a fair review of the companys business, and 2. a description of the principal risks and uncertainties facing the company for quoted companies, the business review must also include information about. 1. Environmental matters (including the impact of the business of the company on the environment) 2. The companys employees, and social and community issues, 3. Analysis using financial and, where appropriate, other key (non-financial) performance indicators, including information relating to environmental and employee matters. Expressing an audit opinion on auditees financial statements published on the internet Continuous auditing