Media

The Centre for Public Interest Audit (CPIA) is a research and policy institute that brings together leaders from across the profession as a single, standalone voice to support reform, shape best practice in UK public interest entity audit and bring informed change.

Our membership reflects the full spectrum of firms across the PIE audit market, from small to large, and we are open to existing and prospective PIE audit firms of all sizes. Our members also include two UK professional bodies: The ICAEW (Institute of Chartered Accountants of England and Wales) and ICAS (Institute of Chartered Accountants of Scotland), as well as representatives from the Big Four.

We believe this collective expertise is the CPIA’s strength, allowing it to constructively challenge the status quo from a position that is both deeply and diversely informed.

Despite this, we are an entirely standalone entity, with independent governance and a Board that reflects the collective interests and importance of the PIE audit profession. The CPIA intends to encourage competition within and new entrants to the PIE audit market and will not support or tolerate any anti-competitive activities or recommendations. 

The ICAEW has a remit to speak for the whole audit profession, but we at the CPIA are a single, standalone voice of UK PIE audit. We were created to produce research-based evidence backed best practice recommendations to help improve the quality of PIE audits and build trust in the category, driving real change.

Our focus allows us to speak with authority on behalf of the PIE market. Our identity as a standalone organisation, distinct from professional bodies and individual audit firms, allows us to constructively challenge the status quo. We are action-oriented and forward-looking, providing authoritative perspectives on audit quality.

Audit plays a critical role in the UK’s capital markets by underpinning confidence in the UKs largest companies and shaping investor decision-making. This confidence has been fractured since 2018 with several instances of high-profile corporate failures such as the collapse of Carillion, highlighting the need to better safeguard the interests of financial stakeholders and broader society. Much positive action has happened across the audit and regulatory landscape over the last six years but there is more still to do.

The CPIA plans to rebuild trust in public interest audits through:

• Advancing knowledge and education to promote audit quality and support newer entrants into market;
• Providing evidence-based thought leadership on profession-wide issues; and
• Supporting best practice in auditing PIEs.

We currently aim to focus on three key pillars of research, that we believe are essential for driving meaningful reform in the audit profession:

1. Future focused audit profession: We focus on market-led innovation, using the regulatory landscape to enable growth and resilience while connecting stakeholders. We aim to tackle structural barriers and expand market access by leveraging CPIA membership and the FRC report. Additionally, we will explore the value of audit, including its scope, risk-focused reporting, and the meaning of going concern statements and emphasis of matter reports.
2. Public interest and proportionality: We aim to balance an expanded PIE definition with the public interest, focusing on thresholds and risk. Our approach considers the interplay between governance, growth, and quality, weighing the burden versus benefit and the impact on UK market competitiveness. Additionally, we are committed to building capability, addressing misconceptions about “risky” audits, and clarifying the implications of proposed structural changes and independence challenges.
3. Corporate and audit failure: We aim to provide a balanced narrative on director and auditor responsibilities, emphasising governance, controls, and accountability. Our focus will include corporate health indicators such as governance strength, red flag reporting, and director statements on resilience and fraud. Additionally, we will highlight the need for equivalence and proportionality across the market, aligning with ARGA’s role as an improvement regulator.

The CPIA’s research is underpinned by our core values: commitment to constructive partnership, acting as a distinctive voice, and taking a credible and trusted approach. These values ensure that our research promotes transparency, public interest, and ethical practices, ultimately enhancing the quality and integrity of audit.

Currently funded by a grant from the Institute of Chartered Accountants in England and Wales (ICAEW).