Video transcript: Concluding, reporting and signing the opinion

Deepti:

As the engagement leader, it’s my name and signature on the audit report. 

So I have to ask myself:

• Have we executed the plan as we said we would? 
• Did we identify the right risks?
• Is there anything we didn't audit that we should have? 
• Do I need to consult with others internally on matters of complexity or judgement? 

This is the moment to reflect. I open the floor to the team. We go back to the beginning, look at what we have done together and then we tell the full story of the audit. 

Although we're communicating throughout, at the conclusion stage we take everyone on a journey, exploring how we've challenged the organisation and reached our conclusion. 

I also think about what might have changed since we set out - and if there is anything we need to go back and rescope.

It's my duty to show those charged with governance that we haven’t been afraid to hold a mirror up to the organisation and offer them constructive challenge.

Kate:

We review and share any material errors that were found during the audit - any difficulties we had, any areas where the organisation couldn't provide the right amount of information. 

If I notice things that the organisation could be doing differently in terms of how it is producing and gathering it’s financial information, I’d share those insights as well. 

Jagir:

We flag any issues that could have an impact on the final opinion as soon as we find them so that organisations can explain and correct.

There might also be some relatively small misstatements that need agreeing on, so there is usually a bit of back and forth over those. 

Kate:

I go back to the specialists and experts I’ve consulted with throughout the audit and they help us finalise complex areas at the conclusion stage.

Alongside these specialists and experts, for our higher risk audits, our quality review partners are with us every step of the way.

Deepti:

Holding the pen on our audit opinion is a big responsibility.

Shareholders put their trust in me. They trust me to be robust, to challenge and to be brave.

And in turn, I put my trust in my team to behave the same way. I don’t do an audit on my own, I work with very skilled teams. So before I sign, I ask myself if I can stand back and say - the whole team challenged, we remained risk-focused and we delivered a robust audit.