Strong professional judgement is often the difference between identifying risk early and recognising failure only in hindsight.
This episode explores what major market collapses can teach auditors, accountants and finance professionals about maintaining trust, independence and scepticism when risks are evolving rapidly.
With Paul Munter, formerly of the US Security and Exchange Commission (SEC), in the studio – along with CPA Australia's audit and assurance lead Tiffany Tan – this episode offers deep insight into this important issue.
Drawing on lessons from Enron, WorldCom, the global financial crisis and FTX, the discussion examines how reporting narratives can gradually drift from economic reality and why strong professional judgement remains critical.
Key takeaways:
What past market failures reveal about weaknesses in reporting, auditing and oversight
Why audit quality, independence and professional scepticism remain essential
How emerging risks such as crypto and private capital challenge traditional approaches
The importance of asking better questions and challenging explanations that do not make sense
Why the profession needs to do a better job explaining the value and career opportunities within audit
How auditors contribute to market confidence, capital formation and investor trust
Host: Elinor Kasapidis, chief of policy standards and external affairs, CPA Australia.
Guests:
Paul Munter served as the US Securities and Exchange Commission (SEC) chief accountant (2021-25) and its deputy chief accountant (2019-21). He had previously retired from KPMG where he was the lead technical partner for its international accounting and International Financial Reporting Standards (IFRS) activities. He is a CPA in Colorado, New York, and Florida.
Tiffany Tan, audit and assurance lead, CPA Australia.
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