Directors’ Responsibilities for Audit & Financial Reporting - Controls, Judgement & Legal Risk

Introduction

Directors and senior management are ultimately responsible for the integrity of a company’s financial reporting - but many underestimate the legal, regulatory and personal risks that arise from weak controls, poor judgement or inadequate oversight.

This practical new virtual classroom seminar examines the real responsibilities behind the numbers, focusing on what directors and managers must do to ensure compliance with the Companies Act 2006 and meet the requirement to produce true and fair accounts.

It explores how robust books and records, effective internal controls and sound decision-making underpin defensible financial reporting. Particular attention is given to high-risk areas including fraud, going concern, unlawful dividends and management bias - where regulatory scrutiny is often most intense.

This session also considers how organisations should engage with external auditors, what can (and cannot) be delegated and how expectations from regulators such as the Financial Reporting Council continue to evolve.

Attendees will leave with a clear understanding of how to translate financial reporting obligations into practical governance, control and risk management actions.

What You Will Learn

On completion of this live and interactive session, you will be able to:

• Understand the core legal responsibilities of directors and senior management in relation to financial reporting and audit
• Identify what constitutes ‘proper books and records’ and how these support the production of true and fair accounts under the Companies Act 2006
• Recognise the key components of an effective internal control framework and how to assess whether controls are operating effectively
• Evaluate risks arising from modern systems, including IT environments and AI-driven processes
• Identify high-risk judgement areas, including:
• Fraud
• Going concern
• Accounting estimates and provisions
• Distributions and dividend legality
• Understand how management bias and override of controls occur and how these risks can be mitigated
• Clarify the respective roles of management and external auditors, including how to work with auditors effectively without over-reliance
• Apply practical steps to strengthen governance, oversight and audit readiness across the organisation

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.