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False Assurance

An ICAEW Audit Training Film

How would you act? False Assurance is an audit-themed educational training film. It was created by ICAEW to bring to life some common risk-based, ethical and business dilemmas faced by audit professionals, companies and board directors.

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Learning beyond textbooks

Alex Frayn, CFO of fictional D-Merton, explains how D-Merton was brought to its knees by the actions of its executive directors, the lack of vigilance and courage by its board of directors and failure by the company’s auditors to identify and investigate red flag issues. The hypothetical scenarios enable viewers to discuss difficult issues they might not feel comfortable to address in relation to their own work.
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Professional conduct

Telling the story of two turbulent years in a fictitious tech company, D-Merton, the film prompts the audience to discuss how boards and company auditors should act when faced with difficult situations.

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Recognising risks

As the drama unfolds, viewers discover how the characters’ actions, decisions and lack of vigilance contribute to bringing the company to its knees. They also learn the value of following your instincts and why taking the ‘easy way out’ is not the answer.

ICAEW’s False Assurance film raises some thought-provoking questions and the ICAEW training programme is a valuable tool to improve corporate responsibility across the globe.

Bryan Stirewalt, Chief Executive, Dubai Financial Services Authority (DFSA)

Key themes and learning points

Some of the real-life issues brought out during the firm’s fictional journey include:

  • dealing with difficult relationships and navigating ethical dilemmas;
  • the importance of interrogating information;
  • maintaining robust controls around approval of suppliers and agents;
  • evaluating cybersecurity risks and the effectiveness of antibribery controls;
  • technical issues, such as the valuation of intangible assets; and
  • the reliability of internal investigations.

How to watch

False Assurance is available to watch under a licence arrangement. Please contact your audit compliance principal or internal training department in the first instance. If your employer does not have a licence, contact us to request a quote.

The cost for a licence is calculated on the total number of principals (or employees) in your firm.

To request a quote or renew your firm’s existing licence agreement, please complete our form

Film reel

Film synopsis

The synopsis gives you a glimpse of what the film is about and what challenges the audit teams face.

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Film reel

Who should watch False Assurance?

False Assurance is a useful training tool for anyone with an interest in board-level governance, professional ethics or audit work.

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False Assurance training resources

To accompany the film, ICAEW has created a range of training resources, including:

  • a Facilitator’s Guide with questions to prompt discussion after each part of the film; and 
  • a Who's Who Character Guide to the drama’s main characters

We recommend watching the film in groups to facilitate discussion of the issues raised. False Assurance runs for 38 minutes and is split into four parts to facilitate breaks where audiences can consider how the characters have handled difficult issues and discuss what they would do next.

We thought everything was in place for a successful future but how wrong we all were.

Alex Frayn, Chief Financial Officer, D-Merton

Further information about False Assurance

False Assurance is the first educational training film produced by ICAEW and written by Duncan Wiggetts, ICAEW’s Chief Officer for Professional Standards. 

False Assurance was filmed at Chartered Accountants’ Hall in London. It was directed and co-produced by award-winning producer/director Nick White of Area17, whose 2011 short film Incorporated was longlisted for a BAFTA. The film was co-produced with Positive Mass. The cast is an impressive list of faces from British and international film and television productions, including Guy Oliver-Watts (The Theory of Everything, Game of Thrones), Rosalind March (Calendar Girls, Victoria Wood and London Bridge) and Graham Cole (The Bill).

Awards and recognition

In 2018 False Assurance won a bronze award at the prestigious Brandon Hall Group awards. Using the film, a Big 4 accounting firm in the US produced a learning experience based on the topic of professional scepticism, and won in the Best Unique or Innovative Learning and Development programme for the Learning and Development category.

What are people saying about False Assurance

Case studies

Articles

Testimonials

Richard Cartwright
Richard Cartwright Principal Enterprise Fellow, Accounting, University of Southampton

False Assurance and Without Question opens students’ eyes to what the world of accounting looks like and the decisions and tests of character that may face them in their future careers.

David Chitty
David Chitty International Accounting & Audit Director, Crowe Horwath International

False Assurance is realistic and contains powerful messages about a range of business and professional issues... The feedback we have received includes ‘best training I have ever attended’ and ‘film was excellent in promoting engaged discussion’.

Andy Kemp, Chairman, PwC Non-Executive Director programme
Andy Kemp Non-Executive Director, The Berkeley Group Holdings

False Assurance is a high quality corporate training film which brings to life a number of topical board issues such as cyber security, impairment, executive remuneration and fraud. The film also provides a platform to facilitate discussion of board and committee practices and behaviours, including interaction with the external auditors.

Vijay Mistri
Vijay Mistri CEO Rentadirector

From revealing governance concerns to exposing the risks faced by any company in modern society, False Assurance is an eye opening short film that delivers invaluable insights to help board members develop their critical judgement and ethical decision making.

John Hourican
John Hourican CEO, NewDay Ltd

The training was a present reminder of the need for an appropriate balance of skills and the suppression of ego in the Board Room. The video was realistic and generated a good discussion. Extremely helpful.

Elin Hurvenes
Elin Hurvenes Professional Boards Forum AS, Founder & Chair

False Assurance offers the framework for unique training workshops. It provides the opportunity for aspiring NEDs to develop their skills in readiness for FTSE board roles. This film breaks the traditional training mould by providing the prospect to discuss key issues and appropriate actions.

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