When an audit goes wrong, the problem is not always that the auditor missed the issue. Sometimes, the issue was known but not communicated early, clearly, or to the right people.

In this episode of Financial Reporting Conversations, we unpack audit communication failures. Wayne and Judith discuss why communication with management, those charged with governance, shareholders, creditors, and regulators matters, and how delayed escalation can create pressure to sign an audit opinion without sufficient appropriate audit evidence.

🎧 In this episode, you’ll learn:

• Why audit communication failures can undermine audit quality
•  Why issues must be escalated beyond the finance team
• How internal control deficiencies, audit adjustments, and modified opinions should be communicated
• Why late communication can increase pressure on auditors and directors
• How the audit report becomes the final communication to stakeholders

Financial Reporting Conversations is brought to you by Basford Consulting helping professionals go beyond compliance and get financial reporting right.

For technical insights, training, and resources that make the unknowns in financial reporting known, visit basfordconsulting.com

🔗 Connect with us:
LinkedIn: Wayne Basford & Judith Leung
YouTube: @BasfordConsulting
Website: basfordconsulting.com