Registration Time: 09:00
Sessions Time: 09:15 - 12:30  including a 15-minute break
Speaker: Mr Mario P Galea
Venue:   Online Webinar

Participation Fees 
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

*Group bookings for 3 or more participants available.

BACKGROUND INFORMATION

The auditor and the public have long operated on different wavelengths when it comes to what an audit actually is, and the gap persists even with the very clients auditors serve. Many still view the auditor as the ultimate author and guarantor of a company’s financial reporting, a misunderstanding reinforced by past practices in which the auditor’s name appeared to be producing the statements themselves. Although those practices have been abandoned, the perception survives, leading some to believe—incorrectly—that audited accounts in some way belong to the auditor rather than management. The profession has not always communicated clearly the scope, limits, and immense value of its work, and this silence has allowed misconceptions to flourish. A vivid example is the representation letter, often misread by clients and the public as the auditor shifting responsibility, when in fact it confirms management’s accountability for the information on which the audit relies. These issues illustrate only part of the expectation gap we will explore in depth during the dedicated session.

SPECIFIC TOPICS TO BE COVERED DURING THE SESSION

This three-hour CPD session will provide a comprehensive exploration of the audit expectation gap by examining both the conceptual foundations of the auditor’s role and the practical realities that shape public understanding. The session will cover the relevant elements of the conceptual framework, the standards governing auditor assurance reporting—particularly in relation to financial-statement audits—and the structure and meaning of the modern auditor’s report. We will also address the broader regulatory landscape, including the core principles of the Statutory Audit Directive and the requirements embedded in listing-rule regimes, to illustrate how these frameworks influence expectations of audit quality and scope. Finally, the session will consider the auditor’s relationship with those charged with governance and the wider public, highlighting how communication, responsibilities, and legal mandates intersect to define what the auditor does—and does not—provide.

Why is the session of relevance to our members?

Good for both members and non members as already indicated above so that together we address this chronic issue and generate more value from, and sustainability of the auditing profession.

Target Audience

Practitioners, producers and users of financial statements such as banks, customers and suppliers of businesses, regulator bodies staff, students, members of the investing public.

Speaker's Profile

A certified public accountant holding a warrant to practice both as an accountant and as an auditor. Currently practising as a business advisor providing governance oversight and advisory services to businesses and corporations. Serves as an independent non-executive director on the boards and audit committees of various listed and licenced companies in the financial and commercial sectors including banks, insurance and investment companies. Mentor and advisor to family businesses. Founder, managing partner and chairman of accountancy and audit firm Ernst & Young in Malta until retirement in 2012. Specialised in auditing and assurance which he has practiced for over 35 years in Malta and abroad. Auditing experience spans over several sectors including banks, insurance and investment companies. Lectured in auditing, assurance and professional and business ethics and led several training courses. Speaker at various business and professional conferences in Malta and abroad. Speaker and producer of various webinars related to auditing, corporate governance and ethics. Assisted businesses in several areas particularly relating to governance, accounting and systems of control. Served as President of the Malta Institute of Accountants and for many years formed part of the Accountancy Board which is the accountancy profession regulator in Malta. Served on various professional committees in Malta and abroad such as the council of the Federation des Experts Comptables (FEE) in Brussels (now Accountancy Europe). Member of the Ethics committee of the Malta Institute of Accountants in Malta

EVeNT CPE COMPETENCies

3 Core

WEBINARS TERMS AND CONDITIONS

Terms and conditions  apply

DISCLAIMER

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Please note that all webinars are recorded by the MIA. Such recordings will be retained by the MIA for internal use.