Audits & Professional Judgement - Meeting FRC Requirements

Introduction

Auditors have to make evidenced professional judgements which are backed by finance teams and ultimately boards who support judgements made in the selection and application of accounting policies and practices, so it is important to get this right.

The UK Financial Reporting Council’s (FRC’s) requirements demand improvements in the quality of judgements made in the preparation and auditing of financial statements. The FRC and subservient regulators require an understanding and application of the need for sound judgements where relevant to ISA’s.

This virtual classroom session aims to help you reflect and respond to these important demands.

What You Will Learn

This live and interactive session will cover the following:

• The purpose of and topics in Professional Judgement Guidance backed up by examples from the FRC Thematic Review: Judgements and Estimates
• Revenue recognition and whether, or not, booking revenue in advance of cash flow is ‘highly probable’ (or not)!
• How to identify the life of tangible assets and any terminal values or costs to dismantle
• How to assess the likelihood of asset impairment

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.