Recording and presentation: Audit fraud – Looking at the learnings from the Patisserie Valerie case

Who should attend the webinar?
All assurance professionals

What is it about:
“The UK’s Financial Reporting Council (FRC) has recently fined Grant Thornton £2.34 million (about US$3.2 million) and imposed non-financial sanctions over failures in its audits of Patisserie Valerie, a well-known UK casual dining brand.  The audit partner was fined £87,750 (about US$120,000) and banned from auditing for three years.
 
The FRC’s findings were notable because the audit failures covered straightforward areas (revenue, cash, journals and fixed asset additions) and basic audit procedures.  
 
This webinar will examine the failures and what should have been done to avoid them.
 
The FRC said: 
‘These were not isolated shortcomings or failures… They relate to important audit procedures or important components of the financial statements. Many concerned matters fundamental to the proper conduct of an audit. Some breaches related to basic requirements, evidencing a serious lack of competence in conducting the audit work… They reveal a pattern of serious lapses in professional judgement, failures to exercise professional scepticism, failures to obtain sufficient appropriate audit evidence and/or to prepare sufficient audit documentation, and failures of supervision and review on the part of the senior members of the GT audit team…’

Speaker:

Matthew Howells  – Head of National Assurance Technical Group, Smith & Williamson, United Kingdom 

Area: Audit
Fee: Complementary 

Recording and presentation – English version
Please click here to download the recording. 
Please click here 

to download the presentation.

 

Area: Audit
Fee: Complementary 

Recording and presentation – English version
Please click here to download the recording. 
Please click here 

to download the presentation.