Role Of Auditors On Rebuilding Public Trust

1937 Words Apr 23rd, 2016 8 Pages
SUMMATIVE ASSIGNMENT
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Role of auditors in rebuilding public trust

Introduction
There was once a group of rebel English barons that went to war to resolve their grievances with King John’s monarchy and the cause of the dispute was a loss of trust in John’s leadership and England’s civic institutions. The resultant Magna Carta peace treaty was hardly a blueprint for a democratic society (PwC). However, it did help a little to enhance the rights and freedoms that would later be incorporated into the democratic society. The Magna Carta then became an enduring symbol of how trust is an important factor to maintain peace in a fully functioning society.

Now, eight hundred years later, we are in an era where the symbolism of the Magna Carta is more powerful than ever. The trust that we once had in the public and private institutions that play such an important role in the modern life has been eroded by years of financial scandals, business and government corruption, mismanagement of consumer data and wildly disproportionate levels of executive pay and many more (PwC). Also, in a digital age where people have access to information like never before and feel encouraged to challenge authority like never before, the need for trust in business and society is greater than ever.

What is Public Trust?
By public trust, we mean that the public believes that the business will act in a particular manner that will include the public’s interest into its own. Nowadays, a large portion…
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