Core Insights - The audit profession has faced significant scrutiny due to high-profile corporate failures, raising concerns about the reliability of financial reporting in the UK capital markets during a period of geopolitical volatility [2][3][4] - The establishment of the Centre for Public Interest Audit (CPIA) aims to enhance trust in the audit profession and improve audit quality through evidence-based research and stakeholder engagement [5][6][7] Regulatory Changes - Following the collapses of companies like Carillion, an independent review led by Sir John Kingman recommended transitioning from voluntary funding to a statutory levy for the audit regulator, the Financial Reporting Council, to eliminate conflicts of interest [3] - The Competition and Markets Authority pointed out the concentrated nature of the UK audit market, indicating a need for reform [4] Audit Trust Index - The Audit Trust Index (ATI), launched in 2024, serves as an annual survey to track stakeholder perceptions of audit trust, identifying key drivers and obstacles to achieving high-quality audits [8] - The ATI aims to establish a baseline for stakeholder trust and highlight areas for improvement and innovation within the audit profession [8]