17th September 2027

TIMING

COURSE CODE

SE17A7

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.”

Help is at hand, the FRC issued a press release and podcast in March 2025 in relation to the Government’s request for all regulators to support growth in the UK. The podcast discussed the role of auditing standards and how they can be applied in a proportionate and scalable way. The FRC continues to promote the proportionate application of ISAs with the issue of guidance on making professional judgements and Practice Note 28 Guidance for audits of small and medium-sized entities.

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

What MUST be done to ensure compliance with the requirements of the ISAs and contemporary practice.

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

£115+VAT. (click here for information on the Flexiticket discount scheme - fees as low as £67.00+VAT per place).