For audit specifically, how about something to do with the debate about whether accountancy firms should have management consultancy wings - the arguement is that if an accountancy firm is consulting management at another firm (lets say, “firm B”), when the time comes to audit firm B, the accountancy firm may lack objectivity. Some people have called for consultancy wings of accountancy firms to be separated from the firm altogether.
Not strictly [[audit]] related, but a very interesting [[commercial awareness]] issue right now is ‘’‘Tax Havens’’’ and ‘’‘off-shore investment’’’. It’s an interesting topic that is linked to the credit crunch, but only slightly - certainly enough difference to be considered an independent current issue - it’s something that has been discussed for many years, but is getting mroe attention right now because some people feel tax havens helped banks hide dodgy assets like credit default swaps and the like.
People are also annoyed that whilst the banks were hoarding money offshore and saving money by not paying tax, tax payers like you and me were feeding money in to the government, that is now being used to bail out these very same banks. Doesn’t seem fair, does it.
Off-shore tax havens provide some with an unfair advantage to ensure they make super normal profits, whilst others are left to pay tax as normal, thus some would argue that they undermine the credibility of the market system as a whole. When you read how RBS hid dodgy assets in artificial “charities” in the Channel Islands, to enable them to lend way more money than they could really afford, you’ll see what I mean! ([http://www.newstatesman.com/economy/2008/10/financial-system-british Read this article]).
Obama is very anti-offshore/tax havens and it would be interesting to discuss him and this policy at interview. Generally speaking, discussing high profile, highly motivated, popular people like Obama is a good thing to do in an interview - it helps you show off your own passions and enthusiasm.
For further information, I recommend these two articles:
and for further info, these websites: