True and Fair: View from the Boardroom

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True and Fair: View from the Boardroom by Mind Map: True and Fair: View from the Boardroom

1. Financial reporting

1.1. A snap short of reporting standards

1.1.1. Accounting policies

1.1.2. Historical cost vs Fair value

1.1.3. Recognition and valuation

1.1.4. Influence of business models

1.1.5. Profits vs cash flows

1.2. Strength of finance function

1.2.1. Competency and skills

1.2.2. Systems and processes

1.3. Control over reporting

1.3.1. Risks and control

1.3.2. Effectiveness

1.3.3. Assurance

2. Auditing

2.1. Audit quality

2.1.1. Reliability of auditor opinion

2.1.2. Clients, environment, auditors

2.1.3. Audit quality indicators?

2.1.4. Professional scepticism and judgment

2.2. Assessing auditors

2.2.1. Firm

2.2.2. Key engagement partments

2.2.3. Engagement team

2.2.4. Independence

2.2.5. Industry expertise and experience

2.2.6. Cross border audits

2.3. Communication with the board

2.3.1. Management letters

2.3.2. Timing

2.3.3. Key issues

2.3.4. Follow up before sign off

2.3.5. Extracting value for business enhancement

2.4. New auditor reporting

2.4.1. Key audit matters

2.4.2. Concepts

2.4.3. Managing impact

2.5. How much is an audit worth?

2.5.1. Time cost

2.5.2. Value at risks

2.5.3. Appetite

3. Integrated reporting

3.1. Connecting purpose to reporting

3.2. What is your business model?

3.3. Integrated thinking and conduct

3.4. Future developments and stakeholders expectations

4. Views from the boardroom

4.1. Setting the tone for quality reporting

4.1.1. Risk appetite of the board

4.1.2. Culture and values

4.2. Communicating with stakeholders

4.2.1. Trust and confidence

4.2.2. Disclosure

4.3. Decision and judgment

4.3.1. Quality of information for decision making

4.3.2. Underlying assumptions

4.4. Making audit committee effective

4.4.1. Role of audit committee

4.4.2. Membership, skill sets, dynamics

4.4.3. Access to expert advice

4.5. Balance between board and management