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M21097 -The Auditor's Report and The Auditor Clearance (Online)

  • 15 Dec 2021
  • 13:30 - 16:45
  • Online Webinar


Registration is closed
Registration Time: 13.15
Session Time: 13.30 - 16.45 incl 15min break
Speaker: Mr Mario P Galea
Venue: Online Webinar 

Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00
*Group bookings for 3 or more participants available.

Auditing is an exercise in communication from the word go. In the case of statutory audits, the first communication event is with the predecessor in the case of a continuing business. We are here concentrating mainly on the change of auditors and communication in the form of clearance by the exiting auditor to the prospective auditor.
Another major communication event is the auditor’s report to the shareholders or members, as more commonly known, about the stewardship of the directors to whom they delegate the running of the business in which they have invested. This major communication takes the form of a professional opinion on the truth and fairness, or fair presentation of the financial statements presented by the directors.
In this session we will be analysing in detail the ultimate purpose of the audit in the form of the audit report and the relevance of audit clearance at the pre-engagement phase which also has a bearing on the quality of audit reports by the incoming auditor.
Audit clearance is part of the client acceptance procedures of every auditor. The quality of the relationship with the directors and the quality of the reporting to the shareholders depends largely on the care applied at the acceptance stage. Inadequate acceptance procedure increases the audit risk that is the risk of faulty expression of the audit opinion.


• To engage the audience in thinking out of the box about the relevance of each and every step of the audit process to the finality of the audit report.
• Practitioners tend to approach audit as a series of processes without necessarily thinking about the impact of each step on the audit report which is the determination and culmination of the audit work. The session helps the listener to appreciate the merits of each step with particular emphasis on auditor clearance especially in these times of heavy regulation where it is easy to slip into a compliance mentality without sufficient judgement.
• A reminder to audit practitioners that their most important tool which is their professional judgement applied along the way throughout the audit remains of utmost importance for the protection of their work and the auditing profession.
• To emphasize the importance of auditing holistically rather than disjointly, that is one step determines the extent and effort of the succeeding step in line with the audit equation. This increases the audit efficiency and mitigates the audit risk.
• To emphasize the finality of the auditor’s report in the spirit of point 4 of the Introduction to ISA 700 which states that ‘The auditor’s report should contain a clear expression of the auditor’s opinion on the financial statements.’
• The audit reports as a means of communication with the shareholders, stakeholders and the public interest
• The components of the audit report
• Communication with those charged with governance


 - The Audit Report
 - Auditor Clearance

Target audience

Audit practitioners, Chief Financial Officers, Internal Auditors, Members of Audit Committees, Students of Accountancy.

Speakers profile

Mario P Galea is 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 companies in the financial and commercial sectors. Mentor and advisor to family businesses. Founder, managing partner and chairman of accountancy and audit firm EY in Malta until retirement in 2012. Specialised in auditing and assurance which he has practiced for 35 years in Malta and abroad. 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. 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 and Regulatory committees of the Malta Institute of Accountants in Malta.


3 Hour Core


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