The regulatory framework for financial reporting, auditing and
governance has changed radically in recent years, as a result of
problems identified from the Enron scandal and more recently from
the drive to implement global standards. In a key regulatory
change, a company audit committee is now expected to play a
significant role in agreeing the contents of the financial
statements and overseeing the activities of the auditors. Finance
Directors, Audit Committee Chairs and Audit Engagement Partners are
required to discuss and negotiate financial reporting and auditing
issues, a significant process leading to the agreement of the
published numbers and disclosures, and to the issuing of the
auditor's report which accompanies them, but which is entirely
unobservable by third parties.
"Reaching Key Financial Reporting Decisions: How Directors and
Auditors Interact" is a fascinating, behind-the-scenes examination
of this closed process. The authors draw on the results of face to
face interviews, and an extensive survey of finance directors,
audit committee chairs and audit partners, and present nine company
case studies highlighting the process of discussion and negotiation
and the methods by which the agreed financial reporting outcome was
reached. Detailed analysis of the case studies: Allows those
involved in the process to benchmark their behaviours against those
of othersEnables a comparison between the previous and current
regulatory environments to see what has changed, and sheds light on
the sorts of behaviours the current regulatory framework
encouragesEvaluates the effectiveness of the changed regulatory
regime, providing evidence relevant to current policy debates
concerning the value of audit, IFRS and the relative merit of
rules-based versus principles-based accounting standards in
relation to professional judgement and compliance
The unprecedented access and unique insights offered by this
book make it invaluable for audit firm staff and partners, audit
committee chairs and company directors involved in agreeing the
published financial statements, as well as those who have an
interest in the financial statements, but do not have access to the
negotiation process.
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