（1995）The Future of Assurance Services：Implications for Academia.pdfVIP

© 1995 American Accounting Association Accounting Horizons Vol 9 No. 4 December 1995 pp.118-127 COMMENTARY Robert K. Elliott Robert K. Elliott is Chairman, KPMG Peat Marwick LLP, AICPA Special Committee on Assurance Services. The Future of Assurance Services: Implications for Academia The AICPA Special Committee on Assur- th e limited usefulnes s of today s financial ance Services was set up in response to a de- statements. They dont, for example, reflect in- cline in the market vitality of the audit . (See formation-age assets , such a s information, ca- Elliott 1994a and 1994b for background.) Our pacity for innovation, and human resources . purpose is to develop ideas and initiate steps As a consequence, they have been a declining to refurbish th e professions product. This mis- proportion of th e information input s to inves- sion was conceived in response to th e current tors decision making . That translate s into a and emergent audit/assurance environment, declining shar e of th e information market - the obvious context for considering the vital- place for auditor s (and, for that matter , finan- ity of the audit . cial accountants) . Were financial statement s The current audit is surely very valuable as central to investors decision making a s to the capital market s and to our economy, but they were thirty year s ago, ther e would be it is a matur e product that ha s not been grow- relatively li