Sectoral insights

Sectoral insights – Financial services

The Foundation for Audit Quality (FAQ) introduces a series of sectoral insights webinars. The first in the series are the webinars on topics specific to the Financial Services sector. We organised two webinars on the topics mentioned below:

Date : 29 March 2022
Topic :
Confirmation audit test procedures for financial services clients. This topic will cover:
  • What are confirmations (covering positive and negative confirmations)
  • What financial statement captions can confirmations be sent for
  • Alternative procedures when responses are not received
  • Roll forward procedures (where confirmations are sent at an interim date)
  • Logistical issues around sending and receiving confirmations
  • Common pitfalls

To access the presentation of the webinar Please click here

Date : 30 March 2022
Topic :
Audit procedures over derivative valuations for financial services clients. This topic will cover:
  • Ways to audit derivative valuations (i.e. follow the clients model, build an independent model) and related challenges
  • Audit procedures to test economic inputs, non-economic inputs and models
  • How to deal with differences between auditor’s valuation and client’s valuation
  • Other challenges


To access the presentation of the webinar Please click here

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