The art of conversation: the extended audit report
In the wake of the 2008 financial crisis, concerns about the quality of communication with investors led to significant changes in the content and structure of audit reports.
In 2013 the UK’s corporate governance regime was updated with the issue of a revised auditing standard enhancing the transparency of the auditor’s report. This aimed to provide more insightful information to the users of financial statements. The UK experience paved the way for changes to be applied on a global scale with the IAASB implementing ISA 701 Key Audit Matters in 2016 and the US following in 2017 with AS 3101 Critical Audit Matters.
Dr Minutti-Meza will draw on research findings to consider what we know and what we can learn from the implementation of the extended audit report, including the reports of companies involved in recent corporate and audit scandals. For example, has the extended audit report been well received by investors? And has the inclusion of ‘key audit matters’ helped to reduce information asymmetries between management and investors?
The lecture will also look at:
The event is free to attend. Please register by 12:30pm, Wednesday 14 October 2020.
Welcome and introduction
Robert Hodgkinson (Conference Chair, ICAEW)
Dr Miguel Minutti-Meza, Miami Herbert Business School
Practitioner response: Allister Wilson, EY
Question and answer session
End of webinar
Dr Miguel Minutti-Meza, Miami Herbert Business SchoolDR Miguel Minutti-Meza is Department Chair and Associate Professor of Accounting at the University of Miami Herbert Business School. He was a Senior Economic Research Fellow at the PCAOB during 2019-2020. Miguel’s research interests are in capital markets, particularly in auditing and financial reporting. He is working on various projects related to the expanded auditor report, auditors’ communications with the audit committee, auditors’ use of specialists in complex areas, consequences of accounting complexity, and other topics. Miguel is editor of the journal Contemporary Accounting Research and a member of the editorial boards of Journal of Accounting Research, Review of Accounting Studies, and Auditing: Journal of Practice & Theory. He has published articles in these and other journals. In 2020, the Auditing Section of the American Accounting Association gave the “Notable Contribution to the Auditing Literature Award” to one of his early papers, coauthored with A. Lawrence and P. Zhang. Miguel’s teaching interests are in financial reporting, including advanced accounting, cases in complex reporting areas, and PhD. seminars on capital markets research. Miguel received his Ph.D. in Accounting in 2011 and Masters in Management & Professional Accounting in 2005 from the University of Toronto Rotman School of Management. Previously, he received his B.A. in Accounting & Finance from ITESM in Mexico.
Allister Wilson, Assurance Partner, EYAllister Wilson is an assurance partner with the UK firm of Ernst & Young, specialising in the global oil and gas sector. He is currently based in The Hague and serves as the lead audit partner of Royal Dutch Shell plc. Allister was the head of international financial reporting at Ernst & Young and he is a former member of both the Codes and Standards Committee and the Audit and Assurance Council of the Financial Reporting Council. Allister was born and educated in Cape Town. He is a member of the Institute of Chartered Accountants of Scotland and holds a Doctorate in Business Administration.
Chair: Robert Hodgkinson, is Executive Director, Technical at ICAEW. Robert is responsible for ICAEW's technical strategy department which includes its seven specialist faculties in audit and assurance, business and management, corporate finance, financial reporting, financial services, tax and tech. He also leads ICAEW's thought leadership programmes and its work in corporate governance, professional ethics and liability, sustainability and business law. Robert was educated at the Manchester Grammar School and Corpus Christi College, Oxford where he studied Philosophy, Politics & Economics. In 1980, he joined Arthur Andersen where he qualified as an ICAEW chartered accountant in 1983 and became a partner in 1992. He joined ICAEW in October 2002. Robert has served as a board member of the Natural Capital Coalition and the Finance Innovation Lab and from 2007 to 2013, he was a board member of the International Federation of Accountants (IFAC). From 2000 to 2004 Robert represented the UK accounting profession as a vice-president of the European Federation of Accountants (FEE, now Accountancy Europe) and prior to that he chaired ICAEW’s Financial Reporting Committee.
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