The ‘Conventional Wisdom’ of Auditing: Can the Traditions of Auditing Rise to New Challenges?

W. Robert Knechel

Accounting in Europe, 2025, vol. 22, issue 1, 1-17

Abstract: In this essay, I will discuss whether the conventional wisdom of auditing is well suited to address the most pressing challenges facing the audit profession. I argue that some of the classic foundations of auditing may need to be reconsidered and adapted if the profession is going to retain its role as a trusted third-party assurance provider. The specific issues considered in this essay include the role of university education for entering the profession, the nature of standardization in the audit process, the impact of auditor tenure on audit quality, the underlying difficulties of achieving independence, the nature of the expectation gap, and the appropriate role of audit regulation and enforcement. While not complete, I use these issues to offer some observations about how evolution in our thinking about these core concepts may be needed for business, markets and societies to continue to instill trust in the assurance we provide.

Date: 2025
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DOI: 10.1080/17449480.2024.2435376

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