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O, audit value, where art thou?

This has been asked with each financial scandal, but the new auditing standards to apply from late 2016 present a chance to show the profession's enduring relevance.

Audit is not just a hygiene factor, a proverbial tick in the box, but a process that can and will play a significant role in the global capital market and corporate-reporting value chain.

TOSHIBA'S accounting scandal has made headlines in both Japanese and international news since April. When the news first broke, the spotlight was thrown on the audit function and the auditor's role was questioned. This was in spite of subsequent reports that declared improper accounting