Ethics for Auditors - Practical Dilemmas & Difficult Decisions

Introduction

A request for additional services, an overdue audit fee or a longstanding client relationship can raise difficult questions about independence and objectivity. How should auditors assess the situation and decide what to do?

Through practical scenarios, this webinar will explore the application of the FRC Ethical Standard 2024 to common challenges in audit practice. It will highlight when safeguards may be appropriate, when work should be declined and how to document the reasoning behind difficult decisions.

It is ideal for audit partners, responsible individuals, audit managers and those with responsibility for ethics, independence and audit quality.

What You Will Learn

This webinar will cover the following:

• Non-audit services - identifying self-review threats and assessing whether work can be accepted
• Fees and commercial pressures - addressing overdue fees and fee dependency
• Personal relationships and long association - recognising threats to independence and objectivity
• Evaluating possible responses - applying the objective, reasonable and informed third party test
• Taking action - when to consult, escalate, decline or cease work
• Documenting ethical judgements - recording threats, actions and conclusions