Auditing Developments 2014

Auditing Developments 2014

Presented by Guy Loveday. CPD hours/points: 2.5

The most recently issued ICAEW Audit Monitoring report reveals that only 20% of 1,230 audit files (related to other than quoted companies) were considered to be satisfactory.This presentation looks at where auditors are going wrong. The ICAEW state that a poor file assessment does not necessarily imply that the financial statements are materially inaccurate or incomplete or that an inappropriate opinion was issued – but do you appreciate the consequences of what they are saying? This presentation looks at the significance of this statement in the context of the current economic climate and highlights the increased level of audit risk being faced by auditors at the present time.

About the Presenter: Guy Loveday is Joint author of Butterworth's Financial Reporting and Accounting Service and a member of the lecturing panels for both the ICAEW and the ACCA. He specialises in Auditing and Financial Reporting updates, for accountants in practice and industry, and in Finance courses for members of the wider financial community. He also provides a consultancy service to assist companies in preparing their annual financial statements. Guy makes occasional television appearances and has regularly written for Accountancy magazine for many years.

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