The newly formed Centre for Public Interest Audit (CPIA) has announced its incorporation and named Baroness Margaret Ford, OBE, as its chair.

The CPIA has been created to provide an independent voice for those working on public interest entity (PIE) audits in the UK. It aims to boost quality and trust in UK PIE audit by sharing best practice and recommendations for areas of improvement.

Ultimately, the Centre’s goal is to help build confidence in the UK as a centre of financial excellence. The Centre brings together auditors from across the profession with members including PIE audit firms, ICAS and ICAEW.

In welcoming the announcements, ICAEW’s CEO Alan Vallance said: “Confidence in financial reporting is key to investment and growth, so ICAEW has come together with other parts of the profession to establish the CPIA, an independent body with the mission of driving best practice and greater resilience in the PIE audit market.

“In delivering on these objectives, we look forward to seeing the CPIA work alongside ARGA, the new regulator confirmed in last week’s King’s Speech.”

Newly appointed chair Baroness Ford, who has more than 25 years’ experience as a non-executive director and chair, reiterated the synergy between the CPIA’s aims and the new government’s plans.

“Our mission aligns with the UK government’s aim to strengthen regulatory powers and improve public entity audit quality via its upcoming Audit Reform and Corporate Governance Bill. The CPIA will look to be a supportive and constructive partner to the FRC as their remit transitions,” she said.

Ford has worked across the public and private spheres, including as non-executive chair for the Deloitte Audit Governance Board, as well as chair for STV Group and London Gatwick Airport.

“Audit and assurance plays a critical role in the UK’s capital markets and the importance of tackling the most challenging areas of the industry cannot be underestimated,” she said. “Our ambition is to proactively identify shortcomings and best practice in PIE audit to support a more robust, resilient, forward-looking profession, delivering value for and enabling confidence among all stakeholders.” 

The Centre aims to undertake research into the current state, and future, of PIE audit shortly and publish the findings later this year.

The CPIA has been created as an independent not-for-profit organisation based in London with initial funding provided by ICAEW.