1. Audit quality
1.1. Create timeline of key changes to audit quality
1.2. Link back to scandals or reasons for changes
2. Carillion
2.1. What happened?
2.2. Was it a failure in audit quality
2.3. was it because of the concentration of audit in the big 4
3. Link back to academic literature
3.1. What do we know about audit quality
3.1.1. https://canvas.bham.ac.uk/courses/25845/files/4114388?module_item_id=715062
3.1.2. This is what we knew 15 years ago, but things have changed
3.2. How can audit prove its legitimacy
3.2.1. https://canvas.bham.ac.uk/courses/25845/files/4114389?module_item_id=715058
4. Question
4.1. Overall question
4.1.1. How has audit quality developed over the past 15 years since Francis discussed in 2004? And, in a world where business is changing at an unprecedented pace, will audit quality improve fast enough to prevent the next scandal from happening?
4.2. Key sub questions thta need to be answered
4.2.1. What did we know about audit quality 15 years ago - Francis
4.2.1.1. There have been few significant failures in audit
4.2.2. Give a few key ways in which audit quality has developed since then
4.2.3. What are the key audit failures of the past 15 years (with causes)
4.2.4. Were these the fault of audit quality best practice or was this due to firms not keeping up with best practice?
4.2.4.1. if audit standards aren't good enough... what can be done
4.2.4.2. if firms aren't keeping up, what can be done?
4.2.5. But just because its alright now...
4.2.5.1. The world is changing quickly... What are the biggest risk areas that threaten audit quality?
4.2.5.1.1. Tech!
4.2.6. Have we got any innovative solutions
4.2.6.1. AI/machine learning based audit e.g. Clara
4.2.6.2. Scan the news for other audit innovation
4.2.7. Is this enough or does it need a systematic change in the way we approach audit to maintain legitimacy... does a rules/blueprint based system makes sense when the rules of business are changing quicker than ever before...
4.2.7.1. Find this stat: In the the past 10 years, the top 5 most valuable companies (based on market cap) changed from heavy industry and banking to tech companies.
4.2.7.1.1. Facebook
4.2.7.1.2. Amazon
4.2.7.1.3. Google
4.2.7.1.4. Tencent