• CBOK Stakeholder Report: Auditing Strategic Risks: Practical Insights from Internal Audit Leaders

    May 24, 2018 Published: The Institute of Internal Auditors Research Shows Stakeholders Want More From Internal Audit The latest Global Internal Audit Common Body of Knowledge (CBOK) Stakeholder Study report, Auditing Strategic Risks: Practical Insights from Internal Audit Leaders, reveals that nearly two-thirds (64 percent) of stakeholders want internal audit to take a more active role

  • New compilation and review report requirements issued

    May 23, 2018 Published Journal of Accountancy By Mike Glynn, CPA, CGMA   The AICPA Accounting and Review Services Committee issued a new standard Wednesday containing revised compilation and review reporting requirements. The requirements are contained in Statement on Standards for Accounting and Review Services (SSARS) No. 24, Omnibus Statement on Standards for Accounting and Review Services —

  • Tech, people skills are key as accountants face changing demands

    May 21, 2018 Published: Journal of Accountancy By Ken Tysiac  Accounting and finance professionals are finding that they must continually learn, unlearn, and relearn to maintain their highly trusted position in a rapidly changing business environment. Accountants need to understand emerging technologies that are changing the profession, such as blockchain, artificial intelligence (AI), and robotic

  • Simplifying Auditing Standards for Small or Non-Complex Entities–Exploring Possible Solutions

    May 18,2018 Published: IFAC By Hilde Blomme and Noémi Robert / Accountancy Europe Confidence in small business benefits us all. The difficulties of applying the International Standards on Auditing (ISAs) in small or non-complex entity audits are apparent, and as such the status quo is not an option. With our new publication, we aim to open

  • Global Ethics Board Consults on Professional Skepticism

    May 14, 2018 Published: IFAC Public Comment Sought on Behaviors Associated with Exercise of Professional Skepticism The International Ethics Standards Board for Accountants® (IESBA®) seeks public comment by August 15, 2018 on its consultation paper, Professional Skepticism – Meeting Public Expectations. In response to regulatory and other stakeholder feedback on the topic, the paper explores: The behavioral characteristics comprised

  • Voices Manual processing of reconciliations is a critical audit matter

    May 14, 2018 Published: AccountingToday By: Therese Tucker As the deadline approaches to comply with the new auditing standard adopted last year by the Public Company Accounting Oversight Board (PCAOB), auditors are girding to disclose “critical audit matters” or CAMs for the first time in their reports. Although auditor communication of CAMs currently is permissible

  • Internal Audit Foundation Releases New Anti-Bribery Report

    May 11, 2018 Published: The Institute of Internal Auditors With the global crackdown on bribery and corruption over the last decade, organizations are realizing the need to fully implement structured anti-bribery programs that are continuously monitored. A new report from the Internal Audit Foundation highlights the important role internal audit plays in assuring these programs

  • Financial Reporting Council (FRC): High Quality Audit Enhanced by Stronger Culture

    10 May 2018 Published: The Accountant Author: Joe Pickard The Financial Reporting Council (FRC) has found that high quality auditing is easier to achieve when firm culture promotes an ethical attitude towards working in the public interest. The report, Audit Culture Thematic Review, found that firms are investing time and effort to improve their firm-wide culture

  • AI and accountants’ intelligence: ‘The AI-ccountant’

    May 09 2018 Published: AccountingToday During its annual developers conference, which kicked off May 8, Google showcased a system named “Duplex AI,” a new technology for conducting natural conversations to carry out real-world tasks over the phone. Google will start testing the technology with the Google Assistant on smartphones to help users set up appointments

  • 5 things you need to know about the new international ethics code

    May 8, 2018 Published: Journal of Accountancy The new international Code of Ethics for professional accountants that was unveiled last month has been “long in the making,” according to Kim Gibson, CPA, a member of the International Ethics Standards Board for Accountants (IESBA) and chair of the board’s Rollout and Implementation Working Group. Gibson, who is the

  • IIA eyes risks confronting audit execs

    May 07 2018 Published: AccountingToday The Institute of Internal Auditors released a new report Monday during its international conference in Dubai about the main risks facing chief audit executives. The report, Top Risks Faced by Chief Audit Executives, discusses the top five risks faced by chief audit executives: talent management, data analytics, cyber, regulations, and responding

  • IFAC Perspective on Way Forward After Considering Objective Analysis of Monitoring Group Consultation Responses

    May 3, 2018 Published: IFAC IFAC (International Federation of Accountants) commissioned Gibson Dunn, a leading global law firm, to perform an independent qualitative and quantitative analysis of the public responses to the Consultation Paper published by the Monitoring Group: Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest. A large number of responses

  • Management considerations for effective KPI disclosure

    May 6, 2018 Published: IFAC By CPA Canada (Chartered Professional Accountants Canada) Read about how management can effectively select and disclose key performance indicators (KPIs) in their corporate reporting to better meet investor information needs. Most Canadian public companies include KPIs in their Management Discussion and Analysis (MD&A) and earnings press releases. KPIs may also

  • SEC Launches Additional Investor Protection Search Tool

    May 2, 2018 Published: The Securities and Exchange Commission (SEC) The SEC’s “SALI” Tool Will Allow Investors to Identify Individuals Subject to Judgments or Orders in Enforcement Actions. The Securities and Exchange Commission today announced the launch of an additional online search feature that enables investors to research whether the person trying to sell them

  • EU Members Sates only follow basic requirements of Non- Financial Reporting Directive

    1 May 2018 Published: The Accountant Author: Joe Pickard CSR Europe, GRI and Accountancy Europe have found most EU member states are only implementing the basic requirements of the EU Directive on Non-Financial and Diversity Information. The directive was launched in 2014 by the European Commission (EC) to help align non-financial reporting with the United

  • FinREC issues 2 revenue recognition working drafts

    May 1, 2018 Published: Journal of Accountancy Revenue recognition issues in the gaming and telecommunications industries were the focus of working drafts published Tuesday by the AICPA Financial Reporting Executive Committee (FinREC). The issues discuss considerations to be made when companies in those industries implement FASB’s new revenue recognition standard. When completed, the issues will

  • Internal Audit Foundation Releases New Artificial Intelligence Research Report

    April 26, 2018 Published: The Institute of Internal Auditors (IIA) Educating Practitioners on Unique Risks Posed by Data Use The Internal Audit Foundation has released a new research report, Artificial Intelligence – The Data Below, to make internal auditors aware of the different ways AI applications use data and the unique risks this poses. By educating practitioners on

  • Updating the Auditor’s Report: Opportunities and Challenges

    April 3, 2018 Published: NACD National Association of Corporate Directors By Cindy Fornelli, CAQ Executive Director  “The new audit report is a great opportunity for the profession.” So spoke Marty Baumann, chief auditor and director of professional standards at the US Public Company Accounting Oversight Board (PCAOB), at a panel during the American Accounting Association (AAA)

  • Commission proposes new EU-wide standards that will guarantee a high level of protection for whistleblowers who report breaches of EU law

    Whistleblower protection 23 April 2018 Published: European Commission The European Commission proposed today a new law to strengthen whistleblower protection across the EU. Recent scandals such as Dieselgate, Luxleaks, the Panama Papers or the ongoing Cambridge Analytica revelations show that whistleblowers can play an important role in uncovering unlawful activities that damage the public interest

  • IOSCO seeks feedback on good practices to assist audit committees in supporting audit quality

    24 April 2018 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on its proposed good practices for audit committees to support audit quality. IOSCO published today its Consultation Report on Good Practices for Audit Committees in Supporting Audit Quality, which is intended to assist audit committees of issuers

  • The debt of nations

    April 20, 2018 Published: ICAEW (The Institute of Chartered Accountants in England and Wales) Over the past century, many governments have become increasingly dependent on borrowing to finance public spending. In the last two decades alone there has been a dramatic increase in borrowing by governments to nearly £30 trillion, more than three times the

  • Learning from the Pioneers—New Corporate Insights on Integrated Reporting

    April 20, 2018 Published: IFAC By: Yen- pei Chen is a Corporate Reporting and Tax Manager in ACCA’s Professional Insights team Against a backdrop of declining public trust in businesses and business leaders, integrated reporting provides a tool to help businesses regain the trust of investors and other key stakeholders, from customers to employees. ACCA

  • SEC Proposes to Enhance Protections and Preserve Choice for Retail Investors in Their Relationships With Investment Professionals

    April 18, 2018 Published: The Securities and Exchange Commission The Securities and Exchange Commission today voted to propose a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a variety of types of advice relationships and investment products. Under proposed

  • Fewer fraud cases going to law enforcement: ACFE

    April 17 2018 Published: AccountingToday There has been a sharp drop in the percentage of fraud cases that get handed over to law enforcement, the Association of Certified Fraud Examiners (ACFE) reported Tuesday. In the ACFE’s biennnial Report to the Nations, the group noted that between January 2016 and October 2017, 58 percent of cases were

  • Top questions for investors about revenue recognition

    April 16 2018 Published: Accounting Today  The CFA Institute has some advice for investors about the main questions they should be asking about the new revenue recognition standard. In a recent report, Revenue Recognition: Top 10 Questions Investors Should Ask About the Adoption of the New Standard, Sandra Peters, head of the Financial Reporting Policy Group

  • SEC Unveils Public Service Announcement to Promote Background Checks on Investor.gov

    April 16, 2018 Published: SEC The Securities and Exchange Commission today unveiled a public service announcement (PSA) to encourage investors to check the background of their investment professional by using the free search tool on Investor.gov before investing.  Investor.gov, the SEC’s website dedicated to individual investors, provides investors with tools and resources to help them invest wisely and avoid fraud. “Investor education is an important

  • CAQ helps boards manage cybersecurity risk

    April 12, 2018 Published: AccountingToday The Center for Audit Quality has released a tool to help members of the boards of public companies oversee cybersecurity risk management in their organization. The publication, Cybersecurity Risk Management Oversight: A Tool for Board Members, offers questions that board members can use as they discuss cybersecurity risks and disclosures with

  • How Management Contributes to Audit Quality

    April 9, 2018 Pubished IFAC By Taryn Abate What role can management play in improving audit quality? It is a question that has been largely ignored since the financial crisis of 2008. Instead, initiatives aimed at improving audit quality have focused almost singularly (and understandably) on what auditors could and should be doing. The reality

  • IESBA rewrites code of ethics for accountants

    April 10 2018 Published: Accounting Today The International Ethics Standards Board for Accountants has released a new code of ethics for accountants that’s been rewritten to make it simpler to navigate, use and enforce. The International Code of Ethics for Professional Accountants (including International Independence Standards) clarifies how accountants should cope with independence and ethics issues and

  • The Financial Reporting Council (FRC) Regulador del UK, implements updated sanctions to auditors, accountants and actuaries.

    9 Apr 2018 Published: The Accountant By Joe Pickard The Financial Reporting Council (FRC), the UK’s independent regulator, has published updated guidance for the Tribunal that hears FRC Enforcement cases involving auditors, accountants and actuaries. The updated guidance has implemented the recommendations which were provided by a publication by an independent review of the sanctions

  • 4 Key Steps for CFOs to Instill Integrated Thinking and Reporting

    April 9, 2018 Published: IFAC by Laura Leka and Stathis Gould Chief Financial Officers (CFOs) are natural leaders in integrated reporting and embracing this gives them the opportunity to shine as “changemakers” in their organizations, where they inspire new thinking and understanding of value creation. This is according to a new publication, ‘Creating Value – CFO Leadership

  • Voices: AICPA proposes independence rules for tech services

    April 06 2018 Published: AccountingToday With 73 percent of Accounting Today’s “2018 Top 100 Firms” reporting growth in their technology consulting business in the past year, they will want to pay attention to a recently released American Institute of CPAs’ proposal on independence rules for non-attest services. On March 15, the institute’s Professional Ethics Executive

  • IOSCO issues recommendations to improve regulatory reporting and transparency in corporate bond markets

    Madrid 05 April 2018 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) published today itsrecommendations for improving the information on secondary corporate bond markets available to both regulators and the public. The recommendations seek to ensure that regulators have better access to information so they can perform their functions more effectively,

  • CAQ Tool Helps Audit Committees Oversee Implementation of New Leases Accounting Standard

    April 4, 2018 Published: The Caq The Center for Audit Quality (CAQ) released a new tool designed to help audit committees exercise their oversight responsibilities as companies implement a new leases accounting standard that begins to take effect in January 2019. Only 21 percent of finance, accounting and other professionals say their companies are “extremely”

  • GASB offers guidance on debt disclosures, direct borrowings and placements

    April 02, 2018 Published: AccountingToday The Governmental Accounting Standards Board released guidance Monday to improve debt-related disclosures in notes to financial statements, including how they address direct borrowings and direct placements. In Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements, GASB spells out which liabilities governments should include in their

  • How we will learn to love big data in 2018

    27 March 2018 Published: ICAS By Chris Sheedy, CA Today Leading futurist and keynote speaker Ross Dawson, who regularly consults to accounting, finance and banking bodies, spoke with Chris Sheedy about the single greatest opportunity that the future holds for accountants. There are a lot of reasons to be happy about putting 2017 behind us.

  • IASB finishes revising conceptual framework

    March 29, 2018 Published: IFRS The International Accounting Standards Board (Board) has today issued a revised version of its Conceptual Framework for Financial Reporting that underpins IFRS® Standards. The Conceptual Framework sets out the fundamental concepts of financial reporting that guide the Board in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar

  • Accountants can help companies meet SEC demand for cybersecurity disclosures

    March 27 2018 Published: AccountingToday The Securities and Exchange Commission recently issued guidance on disclosures by public companies of the cybersecurity risks they are facing and what they’re doing to address those risks. Accountants can play a role in helping companies by providing assurance and attestation services to make sure they’re taking steps to mitigate

  • International Accounting Standards Board seeks comments on proposed amendments to IAS 8

    27 March 2018 Published: IFRS The International Accounting Standards Board (Board) has today published for public consultation proposed narrow-scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. IAS 8 sets out the criteria for selecting and changing accounting policies. Companies change accounting policy either as a result of new requirements in IFRS

  • Inteligencia artificial, qué sucede con la seguridad y la privacidad de los datos

    26 de marzo de 2018 Published: INVERSOR LATAM By: Weber Canova, vice-presidente de Tecnología de TOTVS. El intercambio de información posibilita un benchmarking con el mercado. Esta colaboración ayuda a las organizaciones a conocer mejor el mercado en el que actúan y tomar decisiones más acertadas para un crecimiento sostenible. La velocidad de surgimiento de nuevas

  • New FAQs address familiarity threats for long-tenured senior engagement personnel

    March 21, 2018 Published: Journal of Accountancy Two new Frequently Asked Questions (FAQs) issued by the AICPA Professional Ethics Division provide nonauthoritative guidance for the effects on independence when senior personnel have been on an attest engagement team for a long period. The new FAQs have been added to the end of the Professional Ethics

  • Controllers Talk About the Paths They’ve Taken Toward SOX Compliance

    March 19, 2018 Published: GoingConcern By Jason Bramwell As we approach the “sweet sixteen” of the Sarbanes-Oxley Act later this summer, corporate controllers provided some perspective on how SOX compliance efforts have changed with the times and what challenges they continue to face. “I’ve seen quite a few SOX changes through the years and improvements to internal

  • Mixed results seen in early revenue recognition standards implementation

    March 20, 2018 Published: AccountingToday Businesses that were early adopters of the revenue recognition standard that’s taking effect for public companies this year have been running into some issues with regulators and investors, according to some observers. The Financial Accounting Standards Board, with the support of the Securities and Exchange Commission, set an effective date

  • Sec accepts 2018 GAAP Financial Reporting Taxonomy

    March 19, 2018 Published: FASB Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2018 GAAP Financial Reporting Taxonomy. The FASB also announced that the SEC has accepted the 2018 SEC Reporting Taxonomy (SRT), which is new this year. The 2018 GAAP Financial Reporting Taxonomy contains updates for accounting

  • How blockchain might affect audit and assurance

    March 15, 2018 Published: Journal of Accountancy   Although emerging blockchain technology may significantly change financial statement auditing, accounting professionals will continue to have an important role in the audit and may see new opportunities related to blockchain, according to a newly released audit and assurance alert. Blockchain technology forms the foundation for an internet-based

  • CAQ offers advice for audit committees on non-GAAP measures

    March 16 2018 Published: AccountingToday The Center for Audit Quailty has released a new publication offering considerations for audit committee members to help with oversight of non-GAAP measures. The publication, Non-GAAP Measures: A Roadmap for Audit Committees, outlines considerations for audit committees, including how to assess whether a company’s non-GAAP metrics offer a balanced representation of

  • AICPA releases dual reporting auditing interpretation

    March 14 2018 Published: AccountingToday The American Institute of CPAs’ Auditing Standards Board has issued an auditing interpretation to help accountants comply with standards from both the AICPA and the Public Company Accounting Oversight Board. Auditing interpretation No. 4, “Reporting on Audits Conducted in Accordance With Auditing Standards Generally Accepted in the U.S. and the

  • Revised ISO 31000 Risk Management Standard: Still a Good Reference but Not Substantially Improved

    March 13, 2018 Published: IFAC by Vincent Tophoff, Senior Technical Manager, IFAC Earlier this year, the International Organization for Standardization (ISO) issued the revised standard ISO 31000 – Risk management, which provides principles, framework and a process for managing risk in any organization regardless of its size, activity or sector. Users of the previous version will find

  • Key audit matters: unlocking the secrets of the audit

    March 13, 2018 Published: ACCA The global implementation of the IAASB’s changes to auditor reporting standards is broadly a year old. We set out to discover what difference a year makes. Concept of the key audit matter (KAM) The concept of a KAM was borne out of investor demand for more detail on the audit

  • IOSCO seeks to protect senior investors from financial fraud, unsuitable investments and other risks

    Madrid 12 March 2018 Published: IOSCO The Board of the International Organization of Securities Commissions has published today a report that examines the growing vulnerability of ageing investors to financial fraud and other risks and identifies sound practices for enhancing their protection. The report Senior Investor Vulnerability reveals that seniors are at a higher risk