Sure enough to be unsure? Questions for audit committees thinking about the credit crisis

Paul Moxey, July 2008. The Financial Reporting Council (FRC) identified that 'corporate reporting and auditing will be particularly challenging [in 2008] and needs to be matched by increased diligence, and then clarity as to the basis on which judgements have been exercised'. The FRC published a set of key questions to remind audit committees of the key issues. But finding answers may not be easy. This paper considers some of those questions along with the challenges of providing satisfactory answers.