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Forum for Training ProvidersISA Implementation Issues
Martyn Jones
12 October 2007
2 ©2007 Deloitte & Touche LLP. All rights reserved.
Key points
• Ultimately what matter are effective audits
• Successful ISA implementation is key
• Much further change can be expected
• We cannot afford to be complacent
• .This is intended to be two way communication
3 ©2007 Deloitte & Touche LLP. All rights reserved.
Increased litigation risk and reputation
Pace of change continues to increase
Benign economy may be ending
Background
Professions are under increasing scrutiny
4 ©2007 Deloitte & Touche LLP. All rights reserved.
Move from SASs to ISAs (UK and Ireland)
Convergence paths to IFRSs/
APB Ethical Standards
Shift to clarified and revised ISAs/Timetable for
further change
Increased emphasis on audit quality
and training
Background
5 ©2007 Deloitte & Touche LLP. All rights reserved.
More independent regulation
Regulatory issues
Increased oversight nationally and internationally
6 ©2007 Deloitte & Touche LLP. All rights reserved.
Learning methods/
Coping with change
Quality of intake/Retention of best
people
People issues
Sufficiency of learning
Availability of time
7 ©2007 Deloitte & Touche LLP. All rights reserved.
How should trainers train themselves?
Technology issues
Is more explanation needed
of new ISAs?
Examination, supervision and
CPD issues
People issues (continued)
8 ©2007 Deloitte & Touche LLP. All rights reserved.
Time spent in audit room
versus actually auditing
Extent of audit documentation particularly for
SMEs
Audit issues
Regulatory impact
assessment
Detecting fraud/
Problem ISAs?
Nature and extent of D&I
9 ©2007 Deloitte & Touche LLP. All rights reserved.
The new elephant in the room – subprime contagion
Other audit issues
10 ©2007 Deloitte & Touche LLP. All rights reserved.
Convergence
Smaller companies
Other audit issues
The auditor offence
Increasing level of mandation
11 ©2007 Deloitte & Touche LLP. All rights reserved.
Timing Ethics
Regulatory comment
Audit stakeholders
Other developments
12 ©2007 Deloitte & Touche LLP. All rights reserved.
Possible obstacles to effective implementation
• Issues affecting different sized firms
• Practicalities
• Unintended consequences
13 ©2007 Deloitte & Touche LLP. All rights reserved.
For you to consider and let us know
Possible solution
14 ©2007 Deloitte & Touche LLP. All rights reserved.
Today’s next steps
• Jon Grant
• Trevor Smith and Lesley Clarke
• Jon Grant (again)
• Break out sessions
• Plenary and wrap up (me again)
Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority ©2007 Deloitte & Touche LLP. All rights reserved.