Accounting Fraud & Failures - New Standards, Company Director Liability & More

Introduction

Fraud is among one of many issues which auditors are criticised over when it comes to the audit of an entity’s financial statements (particularly a public interest entity). Going concern is also one of the other regular issues where the work of auditors is called into question (which was one of the main issues raised by the public when Thomas Cook ceased trading).

Regulators around the world are trying to reduce the expectations gap by bringing in more robust standards which auditors must work to. But will this solve the problem? What about directors of companies that fail due to accounting failures?

This one-hour webinar will examine how the expectations gap has widened over recent years and will examine how auditors currently work and what the effect of the new standards will be on companies and auditors.

What You Will Learn

This webinar will cover the following:

• How the government are looking at reforming the auditing profession
• How auditors address fraud in the financial statements and how they may address fraud in the future
• How going concern is addressed in the financial statements and the auditor’s and directors’ responsibilities in respect of going concern
• How directors could face personal prosecution in the event of a corporate failure due to accounting failures
• Ethical issues which the auditor must conform to during the course of the audit

This webinar was recorded on 4th June 2021