There have been two public meetings of the Financial Reporting Council this year and at both sessions the council members reflected on the poor response they get from the investors and other stakeholders when they commission surveys looking at audit quality.
This clearly weighs heavily on the council, which has the task of looking at audit quality and auditor independence issues, because it has been mentioned in despatches frequently.
The question key question is why they do not get more people responding to the surveys than do so.
One reason raised by FRC members is that the business community is over surveyed.
It is true that people get over surveyed, but survey fatigue cannot be the limit of the analysis.
Consultative sessions run on an annual basis might be one way of doing so while the online environment might make it easier for focus groups featuring interested participants to be run.
It is incumbent on those involved in the financial process that sit outside of the cohort of what are known as the ‘usual suspects’ to make time to provide feedback.
There is little point in people complaining about outcomes from regulatory systems if they fail to take opportunities that are offered to provide a view.