29th September 2026

TIMING

COURSE CODE

SE29A6

SPEAKER

Ralph Tiffin

OBJECTIVES

To understand how regulation can improve our scepticism and judgement.

Auditors and accountants are sceptical by nature. We understand the cultures of and pressures on clients to take the most favourable (or unfavourable) view of subjective numbers. We challenge them, may disagree and in extreme cases will qualify the audit report.

Being professional today means following rules. Arriving at an opinion requires a clear record of our thinking. The FRC and professional bodies provide much support. However we have terms such as: “comply with regulatory guidance,” “mandatory guidance” and “The Practice Statement is a non-mandatory document. It does not change or introduce any requirements.”

Support is at hand as the FRC issued a press release and podcast on 19 March 2025 in relation to the Government’s request for all regulators to support growth in the UK. The podcast discusses the role of audit standards and how they can be applied in a proportionate and scalable way. The FRC will continue to promote the proportionate application of ISAs and support SMEs with further supporting material in the coming months.

The indicated Practice Note(s) are an important step in improving the quality of SME audits.

• To assist in understanding the application of the rules in auditing and other standards
• To be aware of what guidance exists and how to arrive at sound judgements

CONTENT

• To review what being sceptical may mean.
• To understand where judgements are required specifically in audits of SME’s and less complex entities
• To understand the work required in making judgements – our clients’ and our own.
• To consider if AI can improve effectiveness of our work

WHO SHOULD ATTEND?

Auditors and accountants who audit, prepare and review financial statements, particularly statements with subjective numbers. Directors who are responsible for their numbers.

TOPICS

How sceptical should we be? That auditors are not sceptical enough is a continuing theme. Once we have tested clients’ and our judgments we have to “stand back” - we should review how critical or sceptical we (and our clients) have been.

The need for thoughtful and documented judgements

Subjectivity – where is judgement is required?  

Many ISA's and the underlying sections of FRS 102 cover potentially highly subjective amounts found in financial statements. Very obvious areas include:

• Valuations – “fair” values
• Provisions
• Impairments
• Revenue recognition

This session aims to focus on the recent FRC guidance on what MUST be done to ensure compliance with the requirements of the ISAs and contemporary practice.

How may AI help.

VENUE

This course will be available live online. You will be emailed the link to join two days before the course date.

DISTRICT

All

COURSE FEE

£110+VAT. (click here for information on the Flexiticket discount scheme - fees as low as £64.00+VAT per place).