PwC Isle of Man recently hosted the Island premiere of the ICAEW’s ‘False Assurance’ drama film, shining the spotlight on the actions of accountants, auditors and company directors.

The breakfast event at the Broadway Cinema in Douglas on 1 December 2016 saw nearly 100 directors, C-Suite, IT and compliance professionals watch the ICAEW’s first ever film venture, along with expert panel contributions from John Ormerod (itv non-executive director and audit committee chair, and non-executive director of Gemalto a Dutch listed technology company and Constellium a NY listed manufacturing company), Chris Hall (non-executive directorships including Manx Telecom PLC, Utmost Limited) and Steve Billinghurst (PwC Isle of Man Advisory Director).

The film was written by Duncan Wiggetts, a former partner with PwC, who is now Executive Director for Professional Standards at ICAEW. The story revolves around how a fictitious company is damaged by the actions of its executive directors and a lack of courage and vigilance from its Board. Split in to four parts, in between each section the expert panel fielded questions from Nick Halsall, Partner at PwC Isle of Man, drilling down into areas highlighted in the film and, following the film, answered questions from the audience.

False Assurance covers many topical issues experienced by board and audit committee chairs, including cyber security risks, anti-bribery controls, executive compensation packages, whistle-blowing procedures and the reliability of internal investigations.

Steve Billinghurst commented that 'the event was able to bring home to local businesses the manner in which issues such as cyber breaches and bribery can easily creep up on Boards and committees when the directors are detached from the business and not fully aware of all the facts. Staying connected to operational matters and seeking timely professional advice are important responsibilities for each board member to achieve, perhaps even more so when businesses are doing well.  In today's fast moving business environment staying being ready to respond has never been more important.'

Photo - from the left – Nick Halsall (Partner at PwC Isle of Man) and Expert Panel Members Chris Hall (non-executive directorships including Manx Telecom PLC, Utmost Limited), John Ormerod (itv non-executive director and audit committee chair, and non-executive director of Gemalto a Dutch listed technology company and Constellium a NY listed manufacturing company), and Steve Billinghurst (PwC Isle of Man Advisory Director).