World-renowned audit expert Dan Montgomery is the main draw card during an intimate, exclusive dinner for top CFOs at the Marion on Nicol on 12 October 2015. The dinner will be hosted by CEO Sindi Zilwa of fast-growing assurance and advisory firm Nkonki, who personally invited Montgomery to come to South Africa and share his insights at its 5th Annual Audit Committee Conference and at the dinner.
- Are you a CFO and do you want to join this dinner? Please email Jurriën Morsch a.s.a.p. as there is limited seating!
"We feel very privileged to have such an authority in our midst and I believe CFOs can learn a lot from him," says Graham Fehrsen, Managing Director of CFO South Africa, who will be moderating the dinner table discussion. Montgomery recently worked as chairman of the Auditor Reporting Task Force of the International Auditing and Assurance Standards Board (IAASB), where he was deputy chair from 2012 until 2014.
Earlier this year Montgomery's task force published revised auditor reporting standard in an effort to provide greater transparency around audits. "Increasing the communicative value of the auditor's report is critical to the perceived value of the financial statement audit," Montgomery said at the time.
A number of changes are being brought about by the new report, including that the auditor's opinion will be required to be presented first. In addition, a Basis for Opinion section for unmodified opinions will be necessary, as will a statement about independence and other ethical responsibilities. Listed entities will also need to disclose the name of the audit engagement partner. Finally, there will need to be an enhanced description of auditor responsibilities and key features of the audit, and an identification section must be included when those charged with governance (TCWG) are separate from management.
About Dan Montgomery
Montgomery enjoyed a career of 40 years with Ernst & Young and was a Partner in its Global Professional Practice group when he retired in December 2014. He was the firm's Global Director of Assurance Standards, Methodology and Implementation from 2009-2012, having previously served in a similar capacity in the Americas. He also was involved with the development of assurance policies and procedures, as well as audit-related training programs and firm publications on auditing matters.
The American also has many years of experience in auditing listed and private companies in the manufacturing, consumer products, and financial services sectors, as well as entrepreneurial and venture capital-backed businesses in the software and medical technology sectors.
As chair of the IAASB Auditor Reporting Task Force, Montgomery engaged in public consultations, global roundtables and direct outreach with global stakeholders, including investors, preparers, corporate governance groups, regulators, and national standard setters, as well as other regulatory bodies and policy makers. He continues to be involved with the IAASB's auditor reporting implementation activities.
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