Forum for Training Providers ISA Implementation Issues Martyn Jones 12 October 2007.

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Presentation transcript:

Forum for Training Providers ISA Implementation Issues Martyn Jones 12 October 2007

©2007 Deloitte & Touche LLP. All rights reserved.2 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

©2007 Deloitte & Touche LLP. All rights reserved.3 Increased litigation risk and reputation Pace of change continues to increase Benign economy may be ending Background Professions are under increasing scrutiny

©2007 Deloitte & Touche LLP. All rights reserved.4 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

©2007 Deloitte & Touche LLP. All rights reserved.5 More independent regulation Regulatory issues Increased oversight nationally and internationally

©2007 Deloitte & Touche LLP. All rights reserved.6 Learning methods/ Coping with change Quality of intake/ Retention of best people People issues Sufficiency of learning Availability of time

©2007 Deloitte & Touche LLP. All rights reserved.7 How should trainers train themselves? Technology issues Is more explanation needed of new ISAs? Examination, supervision and CPD issues People issues (continued)

©2007 Deloitte & Touche LLP. All rights reserved.8 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

©2007 Deloitte & Touche LLP. All rights reserved.9 The new elephant in the room – subprime contagion Other audit issues

©2007 Deloitte & Touche LLP. All rights reserved.10 Convergence Smaller companies Other audit issues The auditor offence Increasing level of mandation

©2007 Deloitte & Touche LLP. All rights reserved.11 Timing Ethics Regulatory comment Audit stakeholders Other developments

©2007 Deloitte & Touche LLP. All rights reserved.12 Possible obstacles to effective implementation Issues affecting different sized firms Practicalities Unintended consequences

©2007 Deloitte & Touche LLP. All rights reserved.13 For you to consider and let us know Possible solution

©2007 Deloitte & Touche LLP. All rights reserved.14 Today’s next steps Jon Grant Trevor Smith and Lesley Clarke Jon Grant (again) Break out sessions Plenary and wrap up (me again)

©2007 Deloitte & Touche LLP. All rights reserved. Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority