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Financial resilience - lessons we can learn from when it all goes wrong


Presented by: Mat Cooling


In the second of the financial resilience series this standalone accelerated course will provide internal auditors with an insight into some key high profile corporate failures over the last decade and what they can teach us as modern auditors in a continually volatile financial environment across all sectors.  This course will exam some of the key variables that have led to corporate failures underpinned by real life case studies. Auditors will leave this course having a greater understanding for the indicators of financial distress and the questions to ask when they are identified. 


Who should attend?

Internal auditors and other assurance professionals with an interest in developing their team’s ability to assess an organisation’s financial resilience.  No specific finance experience required other than an awareness of the basics of financial operations. 


What will I learn? 

Upon completion you will be able to:

  • articulate and understand some of the key financial control failures that have led to significant organisational failures over the last decade
  • understand some of the key risk areas when considering financial resilience
  • communicate these risks and test them within their own organisations
  • understand how the regulators such as the Financial Reporting Council are responding.

Course programme

This accelerated course will focus on two causes of organisational failures/difficulties utilising real life examples. Through both causes we will explore some of the failures and lessons learnt for the future.

Cash flow management

How organisations can suffer cashflow pressures resulting from external and/or internal failures:

  • External
    • when a supplier/contractor fails (Carillion)
    • when an investment vehicle fails (Icelandic banks and the public sector)

  • Internal
    • aggressive tendering (Mitie, Serco, Capita)
    • poor cashflow management

Failure of leadership

How organisations can be set up to fail or put in a position to fail through (Lehman Brothers):

  • lack of understanding of their own business model
  • poor risk management including risk appetite setting
  • blinded by the maths!

Regulatory response

  • external audit changes and scrutiny
  • regulator approaches to financial resilience monitoring including the BEIS White paper “Restoring trust in audit and corporate governance”.

CPE competency areas covered

  • Performance - (Engagement fieldwork | Engagement outcomes | Risk management | Internal control)
  • Environment - (Accounting and finance)

2.5 CPE Points 

 

Date/Info

Date:

24 November 2021

Time:

14:00-16:30

Venue:

Live virtual course
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Cost:

Non member fee £169.00 ex. VAT
Member fee £149.00 ex. VAT

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