Oliver Holt, Audit Director with professional services firm Deloitte, has been awarded this year’s Accountancy Ireland Award for his article on the Audit Quality Framework. In the article, which was published in the December 2007 edition of Accountancy Ireland, Holt argues that “an auditor with a good ‘gut’ feeling for when the numbers are correct, while perhaps not very technically adept with auditing standards, may play a much more important role on a particular audit than an expert in obscure accounting standards.”

Accountancy Ireland is the journal of the Institute of Chartered Accountants in Ireland.

Holt’s article identifies a number of challenges that auditors face, including:

-       Ongoing Change:  “The pace of change in laws, regulations, accounting and auditing standards. Auditors do not operate in a stable environment of standards and change fatigue from constantly fluctuating requirements is not conducive to quality audits.”

-       Rules:  “The more laborious the rules imposed on auditors, the more difficult it becomes to attract graduates into the profession. Inability to attract appropriately talented and qualified personnel means audit quality invariable suffers.”

-       People skills:  “The auditor who has personal skills to show empathy for the client yet is sufficiently persuasive to bring the client along and have them willingly accept a treatment that complies with standards is much more valuable in terms of audit quality than the technically proficient auditor unable to persuade the client to follow an appropriate course of action.”

Commenting on his award, Oliver Holt, Audit Director, Deloitte said: “I am delighted that my article has been recognised by Accountancy Ireland. In my view, it is extremely important to debate the issues that auditors face in today’s increasingly challenging environment and it is of great benefit that we have a suitable forum in which to do so. That my piece has resonated with Accountancy Ireland readers is a much unexpected compliment!”

The Accountancy Ireland award is awarded on an annual basis to the author of the best article in Accountancy Ireland. It is judged by an independent panel. Oliver Holt received his award from Jim Aiken, President of the Institute of Chartered Accountants in Ireland (ICAI).