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The regulatory framework for financial reporting, auditing andgovernance has changed radically in recent years, as a result ofproblems identified from the Enron scandal and more recently fromthe drive to implement global standards. In a key regulatorychange, a company audit committee is now expected to play asignificant role in agreeing the contents of the financialstatements and overseeing the activities of the auditors. FinanceDirectors, Audit Committee Chairs and Audit Engagement Partners arerequired to discuss and negotiate financial reporting and auditingissues, a significant process leading to the agreement of thepublished numbers and disclosures, and to the issuing of theauditor's report which accompanies them, but which is entirelyunobservable by third parties.

Reaching Key Financial Reporting Decisions: How Directors andAuditors Interact is a fascinating, behind-the-scenesexamination of this closed process. The authors draw on the resultsof face to face interviews, and an extensive survey of financedirectors, audit committee chairs and audit partners, and presentnine company case studies highlighting the process of discussionand negotiation and the methods by which the agreed financialreporting outcome was reached. Detailed analysis of the casestudies:

Allows those involved in the process to benchmark theirbehaviours against those of others Enables a comparison between the previous and currentregulatory environments to see what has changed, and sheds light onthe sorts of behaviours the current regulatory frameworkencourages Evaluates the effectiveness of the changed regulatory regime,providing evidence relevant to current policy debates concerningthe value of audit, IFRS and the relative merit of rules-basedversus principles-based accounting standards in relation toprofessional judgement and compliance

The unprecedented access and unique insights offered by thisbook make it invaluable for audit firm staff and partners, auditcommittee chairs and company directors involved in agreeing thepublished financial statements, as well as those who have aninterest in the financial statements, but do not have access to thenegotiation process.

Published: Wiley on
ISBN: 9781119973751
List price: $80.00
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