Questions for Audit Committees Thinking About the Credit Crisis

Faced with a business philosophy of ‘dance-if-the- music-is-playing’, an audit committee member would be well advised to ask penetrating questions about the chief executive’s strategy in the event that the music does stop. The ACCA’s paper takes a look at some of these questions.
The Financial Reporting Council (FRC) has identified that ‘corporate reporting and auditing needs to be matched by increased diligence and then clarity as to the basis on which judgements have been exercised’. Here are a set of key questions to remind audit committees of the key issues.

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