Coffee Break PD

In this insightful podcast based on the work of Gregory Shields, CPA, CA, and produced by ThinkTWENTY20, listeners explore the persistent risk of major audit failures and their devastating consequences for the economy and public trust. Despite advancements in data analytics, regulatory reforms, and firm-level quality controls, deep-rooted ethical, cultural, and structural challenges continue to expose vulnerabilities in the audit profession. The podcast highlights key risk factors—including auditor-client attachment, unconscious bias, and conflicting commercial pressures—and examines proposed reforms such as splitting audit and consulting functions. This thought-provoking discussion urges professionals to re-examine the culture of audit firms and the systems that underpin ethical and independent assurance services.