The end of the road … need for a new dispensation

Abstract

The role and function of the auditing industry changes continually. Since the Industrial Revolution, a clear rhythm in the developments and events can be discerned. Political, social and economic development and events do force the auditing industry to reposition itself time and again to remain relevant to and to meet the needs of society. Because the auditor has a statutory monopoly to carry out the attest function, in the long term he must simply meet the needs of society that are embodied in legislation. In other words, auditors have traditionally been reactive to forces of change, rather than proactive, and leading the change process.