AEChile

Publicaciones del Autor

  • IFAC Calls on G20 Leaders to Focus on Sustainability Reporting and Public Sector Integrity

    September 15, 2021 Published: IFAC Urges continued commitment to sustainability, inclusion, prosperity, and global collaboration IFAC defined two key actions for G20 leaders to focus on as COVID-19 persists: supporting the IFRS Foundation’s initiative on sustainability standards, and championing public financial management. Commitment to these two actions, which build on the four priorities laid out in IFAC’s 2020

  • How to use COSO to implement and scale AI projects

    September 15, 2021 By Ken Tysiac Amid a surge in technological capabilities, many organizations are rapidly deploying artificial intelligence (AI) to make maximum use of data and make certain processes more efficient and effective. But along with opportunities for improvement, AI can pose risks that often are not isolated to a single department such as

  • Feedback on the actuarial aspects of insurance entity audits

    September 10, 2021 Published: FRC The FRC has today published a letter providing feedback on the actuarial aspects of insurance entity audits.  The feedback is based on recent AQR reviews across various audit firms. In performing audits for insurers, actuarial specialists or experts are routinely utilised to advise audit engagement leaders (“auditors”) on actuarial matters

  • IFAC Urges Stakeholders to Prepare Now for Global Sustainability Standards

    September 09, 2021 Published: IFAC IFAC Releases Practical Framework for Deploying Global Standards at Local Level Today, the International Federation of Accountants (IFAC) published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. IFAC believes that jurisdictions must begin examining how global standards that the International Sustainability

  • FRC publishes review findings on Streamlined Energy and Carbon Reporting

    September 8, 2021 Published: FRC The Financial Reporting Council (FRC) has today published the findings of its review of reporting on emissions, energy consumption and related matters under the new Streamlined Energy and Carbon Reporting (SECR) rules which came into effect from 1 April 2019. The FRC’s review considered how a sample of companies and Limited Liability Partnerships

  • Artificial Intelligence: Managing the ethical challenges

    July 28, 2021 Published: OECD If a self-driving car gets into an accident, who’s to blame — the person in the car, or the technology powering the vehicle? What about the manufacturer? If an automated job-search tool discriminates based on race or gender, who’s at fault — the software, or the company? We look at

  • A take on cryptoasset transactions, investments, and risk

    September 1, 2021 Published: Journal of Accountancy By Mark D. Mishler, CPA CFOs need to gain perspective on how to handle the accounting, tax, internal control, and risk management challenges of cryptoasset transactions. Businesses are increasingly accepting crypto-assets as payment, paying in cryptoassets, or holding cryptoassets as investments, but CFOs must not confuse cryptoassets with electronic cash

  • IFAC Releases Statement on Climate Change Information and the 2021 Reporting Cycle

    september 07, 2021 Published: IFAC Professional accountants have an active role to play in determining the way climate change information is reported in the upcoming 2021 reporting cycle and is enhanced in future years.  In a new statement released today, IFAC continues to advocate and support the profession’s role in enabling climate action by providing transparency and insights

  • OSCO publishes guidance for intermediaries and asset managers using Artificial Intelligence and Machine Learning

    September 07, 2021 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published guidance to help its members regulate and supervise the use of Artificial Intelligence (AI) and Machine Learning (ML) by market intermediaries and asset managers, following its consultation report published in June. The use of AI and ML may

  • IFAC and ACCA To Host Third Annual Climate Week NYC Event, “Plugging the Net-Zero Information Gap,” on September 20

    August 31, 2021 Published: IFAC Many stakeholders, including IFAC and ACCA, have advocated for relevant, reliable, and comparable sustainability-related information, including enhanced climate risk assessment and disclosure.  Professional accountants have an essential role to play as companies strive to meet rapidly increasing demands from investors, policy-makers, and other stakeholders for enhanced information addressing the global climate crisis.  To better

  • What do investors want to understand about risks, uncertainties, opportunities and scenarios?

    September 2, 2021 Published: FRC The Financial Reporting Lab has published its latest project report on reporting on risks, uncertainties, opportunities and scenarios. It outlines what investors want to understand from corporate reporting on risks, uncertainties, opportunities and the use of scenarios.  It provides several practical examples of corporate reporting that better meet investors’ needs and

  • Updating quality management standards: What auditors need to know

    August 26, 2021 Published: Journal of Accountancy There are two committees working on developing new quality management standards for auditors. Neil Amato talks to Sara Lord, CPA, the chair of one of those committees, about the feedback they are receiving, how the new standards incorporate a risk-based approach, and the next steps in the process.

  • Feeling the Heat: CEOs Who Ignore Climate Change Do So at Their Own Peril

    September 2, 2021 Published: IFAC By: Kevin Dancey, Chief Executive Officer, IFAC On December 11, 1997, nearly 200 countries signed the Kyoto Protocol, extending the 1992 United Nations Framework Convention on Climate Change (UNFCCC). It was a modest attempt to commit state parties to combat global warming driven by human-made CO2 emissions. Despite the intent, many countries did not

  • Financial Planning and Analysis (FP&A): nine ways to improve forecasting

    August 31, 2021 Published: The Accountant The Covid-19 pandemic not only upended business strategies across industries, but also exposed pre-existing shortcomings in financial planning and analysis (FP&A). Kip Krumwiede, director of research at the Institute of Management Accountants (IMA), writes According to a recent IMA report, financial executives in 2020 were less likely to agree

  • Loss of business for mid-market companies who don’t act on ESG

    August 31, 2021 Published: The Accountant Almost one third of mid-market businesses say they face a high risk of losing business if they do not act on ESG, according to a survey from BDO. When asked to think ahead to the next five years, almost one quarter (24%) of respondents said there was a ‘high’

  • IIA Commends SEC on Climate Change Disclosure Efforts

    August 27, 2021 Published: IIA The Institute of Internal Auditors, the internal audit profession’s globally recognized advocate, educator, and provider of standards, guidance, and certifications, today commended the U.S. Securities and Exchange Commission for its efforts to address climate change disclosure and affirmed that internal audit is best positioned to provide assurance over climate change

  • FRC announces proposals to strengthen significantly the UK’s Audit Firm Governance Code

    August 26, 2021 Published: FRC The Financial Reporting Council (FRC) has today announced a consultation on proposals to update and strengthen significantly the Audit Firm Governance Code in support of the FRC’s objectives to promote high-quality audit and audit market resilience. The Code applies to the Big Four and to other firms auditing FTSE 350 companies. Going forward

  • Fraud advice and more on the value of client advisory services

    August 5, 2021 Published: Journal of Accountancy Hosted by Neil Amato Businesses’ approach to fraud and internal controls has undergone drastic change as a result of the pandemic. Danielle Supkis Cheek, CPA/CITP, CGMA, the director of entrepreneurial advisory services at the firm PKF Texas, says that rules around things such as on-time payment of payroll

  • Corporate Reporting

    August 25, 2021 Published: FRC Over the last year, the FRC and the Lab issued publications that address how companies can better report on environmental, social and governance (ESG) matters, particularly in relation to climate and stakeholders, in a way that meets investors’ needs. The reports are: Climate-related corporate reporting; Reporting on stakeholders, decisions and Section 172; and

  • ESG assurance an elusive but promising opportunity for auditors

    August 19, 2021 Published: Journal of Accountancy Google, Netflix, Salesforce, and Coca-Cola all use public company auditors to perform assurance on their environmental, social, and governance (ESG) information. So do Verizon, UPS, and Johnson & Johnson. But those companies are the exception rather than the rule among the S&P 500, according to an analysis performed by the

  • El impacto del cambio climático en las mediciones ESGEl

    El impacto del cambio climático en las mediciones ESGEl

    GABRIELA CLIVIO DIRECTORA MAZARS, FOUNDING MEMBER CFA SOCIETY CHILE Diario Financiero Señora Directora: Cada vez más inversionistas y asset managers consideran criterios más allá de los rendimientos económicos en sus decisiones de inversión. Y es que realizar una inversión considerando solamente la rentabilidad económica esperada constituye una mirada miope e incompleta. Desde mi punto de

  • Ethics for sustainable AI adoption: connecting AI and ESG

    August 19, 2021 Published: ACCA Artificial intelligence (AI) is relevant to accountancy and finance professionals because it is moving from the experimental stage to adoption at scale over the decade of the 2020s. In doing so, it will transform every aspect of our lives. AI presents considerations across all three of the environmental, social and

  • New publication from CPA Canada, ICAS and IFAC explores ethics in an era of complexity and digital change

    August 19, 2021 Published: IFAC As the world becomes more complex, maintaining ethical standards becomes both more challenging and increasingly important. To help guide financial professionals, the Chartered Professional Accountants of Canada (CPA Canada), the Institute of Chartered Accountants of Scotland (ICAS), and the International Federation of Accountants (IFAC) have released Complexity and the professional accountant:

  • CREANDO VALOR SOSTENIBLE: HACIA UNA DIVULGACIÓN ASG DE CALIDAD.

    SEMINARIO: CREANDO VALOR SOSTENIBLE: HACIA UNA DIVULGACIÓN ASG DE CALIDAD El 19 de agosto de 2021 se desarrollo el Seminario denominado “Creando Valor Sostenible: Hacia una Divulgación ASG de Calidad”, con el objeto de presentar el Estudio,generado como parte de las iniciativas de la Mesa Público-Privada de Finanzas Verdes del Ministerio de Hacienda, que analiza las brechas y necesidades del sector

  • SEMINARIO: CREANDO VALOR SOSTENIBLE: HACIA UNA DIVULGACIÓN ASG DE CALIDAD

    El 19 de agosto de 2021 se desarrollo el Seminario denominado “Creando Valor Sostenible: Hacia una Divulgación ASG de Calidad”, con el objeto de presentar el Estudio,generado como parte de las iniciativas de la Mesa Público-Privada de Finanzas Verdes del Ministerio de Hacienda, que analiza las brechas y necesidades del sector privado para mejorar la calidad, transparencia y coherencia de

  • PCAOB Issues 2020 Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers

    August 19, 2021 Published: PCAOB The PCAOB has released the 2020 Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers. The report provides (1) information about our 2020 inspections approach, (2) a summary of our 2020 inspections observations, and (3) “good practices,” which include brief scenarios and possible procedures that may

  • International Forum of Independent Audit Regulators (IFIAR) Publishes its Report on “Internationally Relevant Developments in Audit Markets”

    July 20, 2021 Published: IFIAR In 2019, IFIAR established the Internationally Relevant Developments in Audit Markets Task Force to monitor developments in IFIAR Member jurisdictions, focusing on developments relevant to the audits of public interest entities. To do so, the task force conducted an extensive survey amongst IFIAR Members in the beginning of 2020. The

  • IASB podcast

    July 30, 2021 Published: IFRS New International Accounting Standards Board Chair Andreas Barckow joins Vice-Chair Sue Lloyd to discuss highlights from the meeting held in July 2021, including decisions taken regarding changes to the Board’s preliminary views in the Primary Financial Statements project, ongoing re-deliberations relating to Goodwill and Impairment, and updates on the post-implementation

  • Empezamos a transmitir hoy a las 9:30 horas Seminario: “Creando valor sostenible: Hacia una divulgación ASG de calidad” AEChile

    Ingresa al streaming aquí:   https://www.evotv.cl/aechile-estudioasg

  • Corporate Governance Research Summary

    August 17, 2021 Published: FRC High quality corporate governance contributes to long-term company performance. The UK has excellent standards of corporate governance, which contributes to making the UK equity market attractive to new investment. The UK Corporate Governance Code has been instrumental in spreading best boardroom practice throughout the listed sector since it was first

  • Single audits: Using Compliance Supplements for success

    August 12, 2021 Published: Journal of Accountancy The massive influx of federal relief funding in response to the COVID-19 pandemic has created many audit challenges. There are new programs subject to single audits, along with existing programs receiving new funding, and new and revised compliance requirements. Understanding how to use the Compliance Supplement is more

  • Voices: Don’t be fooled by pandemic-year profits

    August 13, 2021 Published: Accounting Today By:  Greg Barber Many accounting firms have realized surprising levels of profitability since the pandemic hit. Our entire profession should be applauded for quickly pivoting to working and communicating remotely while successfully helping clients weather this storm. However, we need to be honest with ourselves and understand that the significant

  • Advancing Digital Content Safety I / Davos Agenda 2021

    July 27, 2021 Published: The World Economic Forum (WEF) With the COVID-19 pandemic, the US election and wide social unrest tied to race and inequality issues, 2020 was a watershed year for addressing the safety of digital media environments. What policies, practices and partnerships are needed to improve online safety when it comes to content

  • S&P 500 and ESG Reporting

    August 9, 2021 Published: The CAQ Key Takeaways ·       CAQ looked at the most recent publicly available ESG data for S&P 500 companies. ·       We found that 95% of S&P 500 companies had detailed ESG information publicly available. The information the CAQ examined was primarily outside of an SEC submission in a standalone ESG, sustainability, corporate responsibility,

  • The end of the CFO as we know it?

    August 10, 2021 Published: The Accountant By Verdict Staff With technology now at the centre of business operations, the roles and responsibilities of C-suite professionals continue to evolve – none more so than those of the chief financial officer (CFO). TDM Group founder Tarek Meliti writes Having a CFO who specialises solely in the traditional

  • Rebuilding our confidence post-pandemic

    August 6, 2021 Published: The Accountant Chances are, you’ve probably lost track of how many times you’ve said that you can’t wait for lockdown to be over. For things to just get back to normal. Well, as the restrictions begin to gradually ease, we seem to be getting closer to those wishes becoming a reality.

  • Climate change: IPCC report is ‘code red for humanity’

    August 9, 2021 Published: BBC News Human activity is changing the climate in unprecedented and sometimes irreversible ways, a major UN scientific report has said. The landmark study warns of increasingly extreme heatwaves, droughts and flooding, and a key temperature limit being broken in just over a decade. The report “is a code red for

  • SEC Awards $3.5 Million to Whistleblowers in Two Enforcement Actions

    August 6, 2021 Published: SEC The Securities and Exchange Commission today announced awards totaling more than $3.5 million to three individuals in two separate enforcement proceedings. In the first order, the SEC awarded approximately $2 million to a whistleblower whose information and assistance led to a successful SEC enforcement action.  The whistleblower alerted SEC staff

  • Artificial Intelligence: Regulation Can Support Innovation

    July 2021 Published: OECD In April 2021, the European Union unveiled a proposal for unprecedented regulations on the use of AI technologies — with implications for companies, governments, and citizens alike. The tide seems to be shifting, with private companies facing increasing scrutiny. We will hear how regulation can promote innovation, and how citizens can

  • M&A activity in accounting on the rebound in 2021, expert says

    August 2, 2021 Published: Journal of Accountancy Merger-and-acquisition (M&A) activity for accounting firms is surging in 2021, Joel Sinkin, the New York-based president of Transition Advisors LLC, said in a session at AICPA & CIMA ENGAGE 2021. In 2020, M&A activity slumped because of the COVID-19 pandemic, he said, observing that the market for CPA firms was

  • Answering your top three questions about using the Integrated Reporting Framework under the Value Reporting Foundation

    July 22, 2021 Published: Value Reporting Foundation Last month we celebrated the beginning of a new era as the IIRC and SASB officially merged into the Value Reporting Foundation, a clear response to calls for clarity and simplicity in the corporate reporting landscape. The Value Reporting Foundation is a global nonprofit that supports business and investor decision-making with

  • Seminario AE Chile

    Seminario AE Chile

    CREANDO VALOR SOSTENIBLE: HACIA UNA DIVULGACIÓN ASG DE CALIDAD. Inscríbete aquí: https://www.evotv.cl/aechile-estudioasg

  • True transparency requires in-depth reporting

    July 28, 2021 Published: SASB Experiences using GRI and SASB Standards together How can organizations respond to their needs for improved information on sustainability risks, as well as growing external expectations for transparency? And how can more comprehensive reporting help them adapt to responsible business practices? These key questions are explored in the recently launched joint

  • COSO Releases New Guidance: Enterprise Risk Management for Cloud Computing

    COSO Releases New Guidance: Enterprise Risk Management for Cloud Computing

    July 28, 2021 Published: COSO Addressing the demands for remote and flexible work arrangements as a result of the pandemic, the Committee of Sponsoring Organizations of the Treadway Commission (COSO), in collaboration with Crowe LLP, issues “Enterprise Risk Management for Cloud Computing.” This new guidance provides a roadmap for establishing cloud computing governance leveraging the

  • COSO provides guidance on application of ERM to cloud computing

    July 28, 2021 Published: Journal of Accountancy Enterprise risk management for cloud computing, which has emerged as an important issue for companies in an environment with numerous technological opportunities and cybersecurity threats, is addressed in new guidance issued Wednesday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The guidance in Enterprise Risk Management

  • Cybersecurity advisory opportunities for firms of all sizes

    July 22, 2021 Published: Journal of Accountancy Cybersecurity is a rapidly expanding opportunity for firms to offer advisory services. In a preview of an ENGAGE 2021 (the accounting and finance industry’s premier event of the year)  panel, Journal of Accountancy senior editor Neil Amato speaks with Steven Ursillo, CPA/CITP, CGMA, partner, risk assurance and advisory

  • IOSCO consults on ESG Ratings and Data Providers

    July 26, 2021 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) is soliciting feedback on a set of proposed recommendations regarding Environmental, Social and Governance (ESG) Ratings and Data Providers. The IOSCO Consultation Report on Environmental, Social and Governance (ESG) Ratings and Data Providers (Consultation Report) aims at assisting IOSCO members in understanding

  • IASB proposes minor amendment to transition requirements for insurers applying IFRS 17 and IFRS 9 for the first time

    July 28, 2021 Published: IFRS The International Accounting Standards Board (Board) has today proposed a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts. The proposed amendment does not affect any other requirements in IFRS 17. Many insurers will apply IFRS 17 and IFRS 9 Financial Instruments for the first time from 2023 and

  • IFRS Sustainability Standards proposal supported by AICPA & CIMA

    July 23, 2021 Published: The Accountant The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, expressed support for the IFRS Foundation’s proposed amendments to the IFRS Constitution which would create an International Sustainability Standards Board (ISSB) responsible for setting IFRS sustainability standards. Association CEO of public accounting Susan Coffey said: “The

  • IAASB public consultation opens for proposed new Standards for Audits of Financial Statements of Less Complex Entities

    July 23, 2021 Published: IAASB New Proposed Stand-Alone Standard to Meet Market Needs Today, the International Auditing and Assurance Standards Board (IAASB) published an exposure draft of its new, stand-alone standard for audits of financial statements of less complex entities. This landmark new draft standard responds to demands to have a set of high-quality requirements tailored

  • Illegal Acts: The External Auditor’s Responsibilities

    Illegal Acts: The External Auditor’s Responsibilities

    July 26, 2021 Published: The CAQ Recent global corporate fraud scandals such as those related to Wirecard in Germany and Carillion in the United Kingdom have driven a focus by capital market participants on the auditor’s role in identifying and detecting fraud. Certain audit regulators, including the International Auditing and Assurance Standards Board (IAASB) and

  • Implementation monitoring of the PFMI: Level 3 assessment of financial market infrastructures’ business continuity planning

    July 21, 2021 Published: IOSCO • The CPMI and IOSCO assessed the implementation of Principle 17 (Operational risk) of the Principles for financial market infrastructures in 38 FMIs from 29 jurisdictions. • Surveyed financial market infrastructures (FMIs) have business continuity plans, reviewed at least annually and tested regularly, that included pandemic scenarios prior to Covid-19.

  • GASB issues proposal to enhance concepts for Notes Financial Statements

    July 20, 2021 Published: GASB The Governmental Accounting Standards Board (GASB) today issued a proposed Concepts Statement to guide the Board when establishing note disclosure requirements for state and local governments. The document is part of the GASB’s response to the results of its research reexamining existing note disclosure requirements. The proposed concepts primarily are

  • A 360 view on Sustainable Corporate Governance

    July 14, 2021 Published: Accountancy Europe Before the summer break, we present you a special episode at the end of this season: On June 21 Accountancy Europe held a virtual fireside chat between European Parliament Vice-President Heidi Hautala and Olivier Boutellis-Taft, CEO of Accountancy Europe, which we turned into a podcast episode. In anticipation of the Commission’s proposals

  • Diverse boards lead to better corporate culture and performance

    July 20, 2021 Published: FRC ·         building and maintaining diversity requires proactive planning, concrete actions and consistent prioritisation ·         diversity is a long-term, multi-stranded journey where progress in one area is not a guarantee of progress in another ·         there is still have a long way to go to fully access the diverse talent in

  • IFAC Releases Latest Point of View: Greater Transparency and Accountability in the Public Sector

    July 19, 2021 Published: IFAC Today, IFAC released a Point of View: Greater Transparency and Accountability in the Public Sector.  The public sector is facing a myriad of competing priorities, including an unprecedented global health crisis and climate emergency, and must make critical decisions that will affect generations to come. In this environment, helping citizens understand how public

  • Why accounting firms are facing a cloud security challenge

    July 14, 2021 Published: The Accountant Most organisations were taken by surprise when the pandemic struck back in early 2020, and those in the accounting sector were no exception. But the firms that adapted best were those that were already investing in cloud-centric transformation projects, where next-gen applications and infrastructure enabled them to become more

  • Challenger firms increase their share of the FTSE 250 audit market

    July 14, 2021 Published: FRC New data from the Financial Reporting Council (FRC) has revealed the challenger audit firms have increased their share of FTSE 250 audits, up from 4.8% to 7.6%, however all FTSE 100 companies continue to be audited by a Big Four firm. Improving competition across the FTSE 350 audit market remains a

  • Money laundering is a real issue: are we doing enough to fight it?

    July 12, 2021  Published: Accountancy Europe  by Iryna de Smedt  Drug dealers reinvesting their criminal activity’s revenues into a legal business. Tax evaders partially hiding their income. Corrupted civil servants accepting bribery. These are just some of the unlawful activities that generate money laundering (ML). The ABC of money laundering ML is a serious financial crime whereby the proceeds of unlawful activities are disguised and employed in a legitimate business. The term originates from Al Capone’s practice of using the money

  • IFRS Foundation response to G20 Finance Ministers’ Communique

    July 10, 2021 Published: IFRS The G20 Finance Ministers and Central Bank Governors published a Communique following their meeting in Venice, Italy, on 10 July 2021, referencing the IFRS Foundation. The Communique states: “We will work to promote implementation of disclosure requirements or guidance, building on the FSB’s Task Force on Climate-related Financial Disclosures (TCFD)

  • A constructive two-way cooperation to Sustainability reporting standard-setting

    July 8, 2021 Published: Accountancy Europe Climate change, environmental degradation and social issues are global challenges that concern us all. Stakeholders understand that companies’ financial and sustainability reporting impact and depend on one-another. The demand for harmonised standards has pushed policymakers to take action. This publication presents the accountancy profession’s views on how to put

  • Quality management proposal provides opportunity to consider risks

    July 8, 2021 Published: Journal of Accountancy The evolving, risk-based approach to audit firm quality management is consistent with a trend that has become well established in the accounting profession. Over the past 15 years or so, leaders of the profession have increasingly understood and embraced the effectiveness of using a risk-based approach in their

  • Audit evolution in action: Part 1

    June 29, 2021 Published: Journal of Accountancy The auditing profession was already in the midst of transformation, thanks to technological advances and other factors. Then, the COVID-19 pandemic came along and accelerated those changes, further challenging auditors and their view of business as usual. As auditing continues to transform, Sue Coffey, CPA, CGMA, the Association’s

  • FRC outline necessary action for effective ESG reporting

    July 7, 2021 Published: FRC The FRC has today published the FRC Statement of Intent on Environmental, Social and Governance challenges. This paper sets out areas in which there are issues with ESG information if companies are to report in a way that meets the demands of stakeholders, how to address some of these demands and the

  • EU green bond standard: Europe’s next move to help finance sustainable projects By Vita Ramanauskaité

    With the European Green Deal, the European Commission (EC) sets Europe on a path to become climate neutral by 2050. This is in line with the Paris Agreement objectives and reflects the EU’s contribution to the global fight against climate change. Achieving this objective will require massive investments. Green bonds (GB) are one of the

  • The IIA Releases New Global Technology Audit Guide on Auditing Identity and Access Management

    June 30, 2021 Published: The Institute of Internal Auditors The IIA is pleased to announce its new GTAG that provides internal auditors with fundamental IT knowledge and information on an area that can carry significant security and regulatory risks. Written for auditors of all experience levels, “Auditing Identity and Access Management” discusses foundational topics of

  • Strengthening corporate governance should be a priority to boost economic recovery, says OECD

    June 30, 2021 Published: OECD The COVID-19 pandemic has exacerbated existing structural weaknesses in the corporate sector and capital markets. Without an effective policy response, the number of undercapitalised and underperforming firms will likely rise and remain high, while an increasing amount of productive resources will be tied up in non-viable companies, dragging down investment

  • Five Tips for GRI and SASB Reporters

    June 28, 2021 Published: SASB Many companies use both GRI and SASB Standards to generate information that meets the needs of all constituencies and markets. Earlier this year, we published joint research exploring the experiences of companies that use the two sets of standards together to communicate effectively with their intended audiences.” The paper—which includes survey results

  • What is ESG Reporting And Why Does It Matter

    June 7, 2021 Published: Oil and Gas Accounting Podcast ESG is the acronym for Environmental Social Governance. In this episode, Tom and Phil are joined by Dennis McGowan, CPA and Senior Director at The Center For Audit Quality. Dennis talks about what ESG reporting is, why it’s important, and why every industry should be paying

  • Establishment of the Monitoring Group Nominating Committee and Publication of the Open call for Applications to the Public Interest Oversight Board

    July 1, 2021 Published: IOSCO The Monitoring Group (MG) is responsible for the overall governance of the international audit and ethics standard-setting system, including periodic effectiveness reviews. In July 2020, the MG issued its recommendations Strengthening the International Audit and Ethics Standard-Setting System (MG Recommendations or MG Reforms). On June 3, 2021, the Monitoring Group

  • IFAC Supports IOSCO’s Vision for a Global Baseline of Investor-Focused Sustainability Standards

    June 28, 2021 Published: IFAC The International Federation of Accountants (IFAC), which represents more than 3 million professional accountants globally, welcomes IOSCO’s new report in which it elaborates on its vision and expectations for the IFRS Foundation’s work toward a global baseline of investor-focused sustainability standards. IFAC has long advocated for the IFRS Foundation to establish an International Sustainability

  • IOSCO consults on sustainability-related regulatory and supervisory expectations in asset management

    June 30, 2021 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on proposed recommendations about sustainability-related regulatory and supervisory expectations in asset management. The IOSCO Consultation Report on Recommendations for Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management (Consultation Report) focuses on investor protection issues and proposes

  • Accounting for SDCs in the digital age

    June 22, 2021 Published: The Accountant With the subject of intangible assets on the agenda of accountancy standard setters and regulators for some time and increasingly gaining momentum, a new report from the Association of Chartered Certified Accountants (ACCA) and Glasgow University’s Adam Smith Business School examines the issue of Software Development Costs (SDCs) and

  • Do accountants hold the key to changing our flawed economy?

    June 18, 2021 Published: Accountancy Europe The modern economy is flawed. It tends to ignore non-financial ‘externalities’, like the environment, when considering a company’s bottom line. As a result, our planet is at risk of massive environmental degradation. However, accountants can adapt and flip the balance sheet. We speak with Andrew Watson, co-founder of Rethinking

  • New Study Reveals Lack of Standardization in Sustainability Assurance

    June 23, 2021 Published: IFAC Global practices for sustainability assurance—including the prevalence of assurance, level of assurance, and standard and practitioner used—varies widely by jurisdiction, according to a new study from the International Federation of Accountants (IFAC) and the AICPA & CIMA (representing the Association of International Certified Professional Accountants). The new study is a groundbreaking review

  • The State of Play in Sustainability Assurance

    The State of Play in Sustainability Assurance

    June 23, 2021 Published: IFAC As the drive toward a global system for sustainability-related reporting continues, investors, regulators and policymakers are turning their attention to the important role of assurance in ensuring high-quality reporting. With the growing importance of—and reliance on—sustainability information, low-quality assurance is an emerging investor protection and financial stability risk. This global

  • FASB proposed improvements to discount rate guidance for lessees that are not public business entities

    June 16, 2021 Published: FASB The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would improve discount rate guidance for lessees that are not public business entities—including private companies, not-for-profit organizations, and employee benefit plans. It is intended to reduce the expected cost of implementing the lease standard (Topic

  • New Quality Management Implementation Guides now available

    June 14, 2021 Published: IAASB Guides Provide a Pathway to a Robust, Effective Quality Management System The International Auditing and Assurance Standards Board (IAASB) today released two guides to help stakeholders implement its suite of quality management standards. The guides will help stakeholders understand the standards and properly implement the requirements in the manner intended:

  • Global Public Sector Shift to Accrual Accounting Forecast to Continue

    June 16, 2021 Published: IFAC Joint report by IFAC and CIPFA forecasts 50% of jurisdictions globally will report on an accrual basis by 2025 In 2025, governments in 50% of jurisdictions will report on an accrual basis, according to a report released today by the International Federation of Accountants (IFAC) and the Chartered Institute of

  • IFAC Welcomes U.S. SEC’s Request for Input on Climate Change Disclosures; Urges Support for Global System

    June 16, 2021 Published: IFAC “Building Blocks” Approach Addresses Informational Needs of Global Capital Markets as well as Country-Specific Requirements The International Federation of Accountants (IFAC), which comprises 180 member and associate organizations and represents over 3 million professional accountants globally, continues its work in support of a global system for delivering consistent, comparable and

  • Value of the Audit: A Brief History and the Path Forward

    Value of the Audit: A Brief History and the Path Forward

    June 16, 2021 Published: The CAQ Our capital markets are an important engine for driving and maintaining our economic and societal well-being. These markets operate on data, and audited financial statements have long been a critical element of this information dynamic for their accuracy, transparency, and reliability. As investors make investing decisions, they depend on

  • Sustainability risk management for SMEs: inaction is not an option

    June 14, 2021 Published: Accountancy Europe By Johan Barros We live in unprecedented times: globally integrated supply chains, climate change, and now the pandemic, have highlighted the need to change how we do business. These issues touch on how the UN defines sustainable development: How to meet the needs of the present without compromising the ability of

  • CAQ Alert 2021-02: Amendments to SEC Independence Rules

    June 10, 2021 Published: The CAQ The Securities and Exchange Commission (SEC) approved amendments to certain auditor independence requirements in Rule 2-01 of Regulation S-X in October 2020. These amendments are effective June 9, 2021. Voluntary early compliance is permitted after December 11, 2020 (the date the amendments were published in the Federal Register) in advance of the effective date provided

  • Monitoring Group Reports on Progress to Implement Recommendations to Strengthen the International Audit and Ethics Standard-Setting System

    June 3, 2021 Published: IOSCO The MG is responsible for the overall governance of the international audit and ethics standard-setting system including conducting periodic effectiveness reviews. In July 2020 the Monitoring Group (MG) issued its recommendations Strengthening the International Audit and Ethics Standard-Setting System (MG Recommendations or MG Reforms). The MG Recommendations, when fully implemented,

  • IIRC and SASB form the Value Reporting Foundation, providing comprehensive suite of tools to assess, manage and communicate value

    June 9, 2021 Published: IIRC The International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) today officially announce their merger to form the Value Reporting Foundation. The Value Reporting Foundation supports business and investor decision-making with three key resources: Integrated Thinking Principles, Integrated Reporting Framework and SASB Standards. These tools help businesses and

  • OECD Economic Outlook – No ordinary recovery

    May 31, 2021 Published: OECD https://www.youtube.com/watch?v=-wNymGS43eo&ab_channel=OECDOECD

  • Internal audit has pivotal role in ESG reporting

    June 7, 2021 Published: Journal of Accountancy Amid the growing momentum toward increased organizational disclosure of environmental, social, and governance (ESG) information, internal audit has a pivotal role to play in driving organizational value related to these issues. Interest in these issues has increased in the United States, with the SEC exploring potential regulation amid

  • Estudio Big Four: hay poca confianza en la información no financiera que entregan las empresas

    Estudio Big Four: hay poca confianza en la información no financiera que entregan las empresas

    Junio 5, 2021 La Tercera – Pulso El documento es un llamado de atención a las compañías acerca de incorporar de mejor forma los elementos sostenibles en sus reportes, justo en el momento en que la CMF está en el proceso de modificar la normativa al respecto. Un estudio realizado por la Asociación de Auditores

  • New standard addresses investments, specialist matters

    June 8, 2021 Published: Journal of Accountancy The AICPA Auditing Standards Board issued a standard Tuesday that provides guidance on the use of specialists and pricing information obtained from external information sources. The guidance is included in Statement on Auditing Standards (SAS) No. 144,Amendments to AU-C Sections 501, 540, and 620 Related to the Use of

  • Audit reimagined with Blockchain technology

    June 7, 2021 Published: The Accountant By Verdict Staff Alexis Nicolaou, Managing Director, Grant Thornton Blockchain, Cyprus discusses the merits of Blockchain technology for the accounting profession and you can listen to him speak about its impact on audit’s future at DAF 2021 (The Digital Accountancy Forum) on 17 June, 2021. I often get asked whether

  • IIRC publishes integrated report ahead of merger with SASB

    June 3, 2021 Published: Integrated Reporting (IR) The International Integrated Reporting Council (IIRC) today publishes its latest integrated report ‘Driving Cohesion‘ ahead of the merger with the Sustainability Accounting Standards Board (SASB) to form the Value Reporting Foundation. The report was developed through a process of integrated thinking led by the IIRC Board and management. The

  • The shift to sustainability: A CFO’s journey

    May 20, 2021 Published: Accountancy Europe We’ve covered the shift to sustainable corporate governance from a variety of angles on the podcast so far, and now we turn to the private sector to see what companies are doing. After all, they are a major player to get us beyond “business as usual”. In this episode,

  • Professional Accountants Leading Reporting and Assurance on Sustainability

    May 26, 2021 Published: IFAC As professional accountants, the chief stewards of business information, we have both an important responsibility and a transformative opportunity to engage in and lead on upcoming changes in corporate reporting, and improving the quality of sustainability information. The voluntary approach to reporting sustainability information has been in place for a

  • International Federation of Accountants (IFAC) Continues Drive Against Financial Crime

    June 2, 2021 Published: IFAC Endorses the World Economic Forum’s Unifying Framework The International Federation of Accountants (IFAC) welcomes the work of the World Economic Forum’s (the “Forum”) Unifying Framework, published today, for the important added visibility it provides in the fight against financial crime from a cross-sectoral perspective. The release of the Forum’s report today

  • Building an effective Anti-Money Laundering ecosystem

    From reactive to proactive risk management May 28. 2021 Published: Accountancy Europe Money laundering has devastating consequences for economy and society. It is critical to ensure that the fight against money laundering is effective. This publication presents recommendations on how to build a more effective anti-money laundering/combating the financing of terrorism (AML/CFT) ecosystem across Europe.

  • Auditors may see increased demand for ESG attestation

    May 28, 2021 Published: Journal of Accountancy By Joseph Radigan The first few months of 2021 witnessed some major milestones in investors’ and regulators’ efforts to get public companies to provide shareholders with more information about environmental, social, and governance (ESG) issues. In March, the SEC published a request for public comments about ESG disclosures. The move

  • FRC issues revised auditing standard for the auditor’s responsibilities relating to fraud

    May 27, 2021 Published: FRC The Financial Reporting Council (FRC) has today issued a revision of its UK auditing standard on the responsibilities of auditors relating to fraud – ISA (UK) 240 (Revised May 2021) – The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements. The revisions to the standard are designed to provide

  • AEChile presenta el Estudio: CREANDO VALOR SOSTENIBLE: HACIA UNA DIVULGACIÓN ASG DE CALIDAD

    AEChile presenta el Estudio: CREANDO VALOR SOSTENIBLE: HACIA UNA DIVULGACIÓN ASG DE CALIDAD

    White Paper con recomendaciones para mejorar la calidad y disponibilidad de información ASG en Chile Asociación de Auditores Externos de Chile A.G.Deloitte, EY, KPMG, PwC y ArtlCon el apoyo de:Bolsa de Santiago | Chile Transparente | Sistema B Con fecha 24 de mayo, La Asociación de Auditores Externos de Chile A.G. hace entrega al Ministerio

  • AICPA & CIMA issue new nonauthoritative guidance for auditing digital assets

    May 25, 2021 Published: Journal of Accountancy AICPA & CIMA issued nonauthoritative guidance for auditing digital assets such as cryptoassets in the areas of risk assessment, processes and controls, laws and regulations, and related parties. The guidance was added to the free practice aid Accounting for and Auditing of Digital Assets. The AICPA created the practice

  • Workforce engagement lies at the heart of good corporate governance

    May 24, 2021 Published: FRC ·         An effective feedback loop between boards and the workforce is needed to achieve meaningful dialogue. ·         Those who act as an interface between the board and the workforce, whether sitting on a panel or as worker directors, should receive appropriate support. ·         Energies should be focussed principally on the

  • SASB Supports SEC Action to Promote Decision-Useful ESG Disclosure

    May 20, 2021 Published: SASB By: Janine Guillot is CEO of SASB This week, SASB submitted our response to the US Securities and Exchange Commission’s request for input on climate change disclosure. The SEC’s consultation signals a commitment to give serious consideration to whether and how regulation might more effectively address the information needs of 21st century investors. SASB supports

  • Enabling Sustainability a Priority for Accountants in Business & Public Sector

    May 19, 2021 Published: IFAC IFAC’s Professional Accountants in Business (PAIB) Advisory Group has compiled insights on key global trends impacting the future readiness of the accountancy profession in a new report Enabling Purpose Driven Organizations: PAIBs Leading Sustainability and Digital Transformation. This report includes highlights from the PAIB March 2021 meeting, focusing on: ·        

  • The Ongoing Challenge of Effective ESG Reporting and Data Disclosure

    May 6, 2021 Published: The CAQ In this webcast, presented at Ethisphere’s 2021 Global Ethics Summit, we dive into the challenges of effectively reporting ESG information, how companies can increase effective reporting, and how the standards and frameworks can be applied today.

  • European Green Deal: Developing a sustainable blue economy in the European Union

    May 17, 2021 Published: European Commission Today, the European Commission is proposing a new approach for a sustainable blue economy in the EU for the industries and sectors related to oceans, seas and coasts.  A sustainable blue economy is essential to achieving the objectives of the European Green Deal and ensuring a green and inclusive recovery from the pandemic.

  • High quality disclosures vital for investors ahead of 2021 interim reporting season

    May 18, 2021 Published: FRC Ahead of the 2021 interim reporting season, a review by the Financial Reporting Council (FRC) has highlighted examples of good practice in company’s interim reporting and areas where further improvements are required. The FRC reviewed the reports of 20 quoted companies across a range of industries to assess the quality of interim reporting.

  • The Professional Accountant’s Role in Data

    May 12, 2021 Published: IFAC As economies digitize, organizations of all sizes across sectors face enormous disruption and opportunity. Professional accountants must expand their approach to include both structured and unstructured datasets to support organizations in making insight-driven decisions. The Professional Accountant’s Role in Data, a joint report released by IFAC and the Chartered Professional Accountants of Canada (CPA Canada), outlines a data management value

  • Tips for lease accounting amid financial uncertainty

    May 13, 2021 Published: Journal of Accountancy By Sarah O’Sullivan, CPA It’s been more than a year since the pandemic began, and while the vaccine rollout is reason for optimism, many organizations will be dealing with financial fallout for the foreseeable future. While private businesses and not-for-profit organizations face mounting financial pressures, many are also

  • Managing your personal energy for success

    May 10, 2021 Published: Journal of Accountancy Life and work in the pandemic era can be exhausting. Stress can make it difficult to focus on and execute your goals. ENGAGE 2021 speaker Rhonda Peterson believes taking the time to care for and nurture one’s energy can improve your career success, increase your businesses’ profitability, and

  • ¿Se acaban los beneficios para expatriados en China?

    El Diario Financiero MAURICIO BENÍTEZ CÓRDOVA DIRECTOR INTERNACIONAL BDO Y PROFESOR USACH Las noticias tributarias han remecido el mercado en China, especialmente para las compañías extranjeras, pues la autoridad fiscal local estaría pensando en dar término a los beneficios sobre las asignaciones para los expatriados que trabajan allá. Muchas compañías chilenas que operan en China

  • New article from the IESBA Covid-19 Working Group: 5 Ethical Challenges that will intensify as the pandemic wanes

    May 10, 2021 Published: IESBA A working group formed by the International Ethics Standards Board for Accountants (IESBA) and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK and the US has released 5 Ethical Challenges that Will Intensify as the Pandemic Wanes, a look at the key ethical issues that lie ahead for

  • Financial regulators publish plan for upcoming work

    May 7, 2021 Published: FRC The Financial Services Regulatory Initiatives Forum has today published the third edition of the Regulatory Initiatives Grid which this year includes contributions from the Financial Reporting Council (FRC) for the first time. The Regulatory Initiatives Grid is published twice a year and includes upcoming regulatory activity that may have a significant operational impact

  • New ways of thinking and working are necessary to reap blockchain benefits in capital markets

    May 6,  2021 Published: The World Economic Forum (WEF) The World Economic Forum today released Digital Assets, Distributed Ledger Technology, and the Future of Capital Markets. Across the capital markets ecosystem, institutions are facing a combination of intensified competitive dynamics and accelerating technology advancements, presenting opportunities and challenges both to incumbents and new entrants. Although DLT is

  • Presentación del abogado Germán Concha: “Efectos de la ley 21.314, para los auditores externos”

    Presentación del abogado Germán Concha: “Efectos de la ley 21.314, para los auditores externos”

    Con fecha 7 de mayo 2021, el directorio de la Asociación de Auditores Externos de Chile A.G., invitó a participar a socios, directores y gerentes de auditoría, a una Presentación dictada por el abogado Germán Concha sobre “Efectos de la ley 21.314, para los auditores externos“, promulgada con fecha 13 de abril 2021. La Presentación fue recibida con gran

  • IFAC Encourages A Building Blocks Approach for Reporting Sustainability-Related Information

    May 6, 2021 Published: IFAC How Global and Jurisdiction-Level Initiatives Can Work Together Today, the International Federation of Accountants (IFAC) published a revised building blocks approach to reporting sustainability information—enhancing its previously issued roadmap, The Way Forward. IFAC hopes to foster discussion on how this approach can deliver a global system for consistent, comparable, and assurable sustainability-related information

  • Generation Z Is a ‘Catalyst of Change’ in the Workplace, but They Are Doubtful About the Role of Business

    May 05, 2021 Published: IFAC New report from ACCA and IFAC explores the views of young professionals and students on finance and accounting The first digital native generation entering the workforce is being shaped by the unique world catastrophes they’ve lived through in their young lives, finds a global report from ACCA (the Association of

  • Quality Management Standards: Perspectives on Initial Implementation Efforts

    April 30, 2021 Published: IAASB This video addresses considerations for firms when preparing to implement the IAASB’s quality management standards, such as what may be retained from current systems, the time and resources needed, the impact on the firm as a whole, and various ways to approach implementation. The video emphasizes the need for firms

  • Presentación de resultados de la agenda 2020 – Mesa Público-Privada de Finanzas Verdes

    Presentación de resultados de la agenda 2020 – Mesa Público-Privada de Finanzas Verdes

    Mayo 5, 2021 Publicado por: Mesa Público-Privada de Finanzas Verdes- Ministerio de Hacienda El miércoles 5 de mayo se realizó el evento de presentación de los resultados de la agenda 2020 de la Mesa Público-Privada de Finanzas Verdes.  La actividad contó con palabras de bienvenida de Rodrigo Cerda, Ministro de Hacienda y palabras de Stephanie

  • El Ministerio de Hacienda lidera la presentación de las actividades de la Mesa Público-Privada de Finanzas Verdes

    El Ministerio de Hacienda lidera la presentación de las actividades de la Mesa Público-Privada de Finanzas Verdes

    Mayo 5, 2021 Publicado por: Ministerio de Hacienda El Ministro de Hacienda, Rodrigo Cerda, dio el puntapié inicial a la presentación de las principales conclusiones del segundo año de trabajo de la Mesa Público-Privada de Finanzas Verdes. La iniciativa fue creada en 2019 por el Ministerio de Hacienda con el fin de analizar los desafíos

  • PCAOB Releases Spotlight on Data and Technology Research Project

    PCAOB Releases Spotlight on Data and Technology Research Project

    May 6, 2021 Published: PCAOB Today the PCAOB released a new Spotlight publication, Data and Technology Research Project Update, May 2021. Advancements in technology continue to affect the nature, timing, and preparation of financial information, including preparers’ controls around financial information, and the planning and performance of audits. The Board’s strategic plan highlights the need to

  • BCBS, CPMI and IOSCO survey clients and non-bank intermediaries on margin calls

    May 5, 2021 Published: IOSCO • Standard-setters invite market participants to complete a voluntary survey on margin calls • Survey is part of an examination into liquidity shortfalls during the early stages of the Covid-19 pandemic • Results will feed into work programme to improve the resilience of non-bank financial intermediaries International standard-setters for banks,

  • S&P 100 and ESG Reporting

    April 29, 2021 Published: The CAQ Key Takeaways The CAQ examined the most recent publicly available ESG data for S&P 100 companies. Here are the key takeaways:  ·         All companies had some ESG information available.  ·         The vast majority of companies had this information outside of an SEC filing, typically in a standalone ESG report. ·        

  • A new risk matrix for blockchain implementation

    April 29, 2021 Published: Journal of Accountancy The AICPA & CIMA have partnered with ISACA to release a new joint publication that identifies risks organizations should consider when evaluating whether to implement blockchain technology. In a white paper titled Blockchain Risk: Considerations for Professionals, the ISACA-AICPA & CIMA Joint Blockchain Working Group documents, describes, and provides context

  • Labour market disruption & COVID-19 support measures contribute to widespread falls in taxes on wages in 2020

    April 29, 2021 Published: OECD The COVID-19 crisis has resulted in the largest decrease in taxes on wages since the global financial crisis of 2008-09, according to a new OECD report. Taxing Wages 2021 shows that declining household incomes coupled with tax reforms linked to the pandemic are driving widespread declines in effective taxes on wages

  • Global Ethics Board takes major step forward in strengthening auditor independence

    April 28, 2021 Published: IESBA Comprehensive Package of New Measures to Safeguard Auditor Independence in Relation to Non-Assurance Services and Fees Paid by Audit Clients The International Ethics Standards Board for Accountants® (IESBA®) today released revisions to the Non-Assurance Services (NAS) and fee-related provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The revised NAS

  • An inside look into the BEIS consultation

    April 23, 2021 Published: Accountancy Europe Everyone is talking about the Department for Business, Energy & Industrial Strategy (BEIS) consultation into Restoring trust in audit and corporate governance in the UK. To dig deeper into this consultation, we invited Mark Babington, the Executive Director of Regulatory Standards from the Financial Reporting Council (FRC) to share with us what

  • Auditors & ESG Information. Lending trust and credibility to ESG information

    April 21, 2021 Published: The CAQ We’re witnessing a watershed moment for environmental, social, and governance reporting (ESG). Global events like climate emergencies and social unrest have resulted in growing investor interest in company-prepared ESG information. The building blocks of reliable, comparable and relevant ESG information begin with a foundation of quality reporting by company

  • Issues Related to the Assessment of the Effectiveness of Management Review Controls: Roundtable Summary

    Issues Related to the Assessment of the Effectiveness of Management Review Controls: Roundtable Summary

    April 21, 2021 Published: The CAQ The Center for Audit Quality and the Financial Education & Research Foundation (FERF) of Financial Executives International (FEI) commissioned John Fogarty, Mark Beasley and Doug Prawitt to conduct an independent qualitative research study on Internal Control over Financial Reporting (ICFR) management review controls (MRCs), Perspectives on Management Review Controls: Challenges

  • Key Actions for Establishing Effective Governance Over ESG Reporting

    Key Actions for Establishing Effective Governance Over ESG Reporting

    April 22, 2021 Published: The CAQ With ESG information increasingly being used by the capital markets and other stakeholder groups, it has never been more important to ensure that ESG disclosures are of a high quality. Building on topics explored in ESG Reporting and Attestation: A Roadmap for Audit Practitioners, a resource designed to assist practitioners

  • Diversity, Equity, and Inclusion (DEI) Can Be an Invaluable DIY Project

    April 20, 2021 Published: The Institute of Internal Auditors (IIA) For directors seeking to promote DEI in their organizations, it’s a good idea to start at the top. The April issue of Tone at the Top, “Diversity: An Accepted Business Value,” provides strong evidence that promoting diversity is a worthwhile effort because a diversified organization offers

  • IESBA Technology Initiative

    April 19, 2021 Published: IESBA In March 2021, the IESBA reflected on the progress made to date on its Technology Initiative, and considered next steps and timing, also recognizing the increased burdens stakeholders have shouldered as a result of the pandemic. Major developments in technology are having a transformative effect on the global accountancy profession.

  • IFAC Sees Continued Opportunity to Harmonize Corporate Sustainability Reporting

    April 21, 2021 Published: IFAC Proposed European Commission legislation spells out important components to completing the corporate reporting ecosystem IFAC, the International Federation of Accountants, which comprises 180 member and associate organizations and represents more than 3 million professional accountants globally, welcomes the publication of the much-anticipated draft text of the European Union’s revised Corporate

  • Lack of exchangeability

    April 20, 2021 Published: IFRS The Board has published for public consultation proposed amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. The proposed amendments aim to help companies determine whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged. In this

  • Putting the public interest at the heart of our work: Acting with urgency, purpose and responsiveness

    Putting the public interest at the heart of our work: Acting with urgency, purpose and responsiveness

    April 22, 2021 Published: IAASB The IAASB Public Report details progress to support the public interest between July 2019 and December 2020. During this 18-month period, the IAASB completed five major standards aimed at enhancing audit and assurance quality, adopted a four-year strategy focused on the public interest, and established a new work plan focused

  • Mid-sized businesses to ditch offices post-pandemic

    April 20, 2021 Published: The Accountant Mid-sized businesses will be looking to more remote working, rather than office working once the pandemic is over, according to research from Grant Thornton UK. The research found that just 5%of the 603 mid-sized businesses surveyed believe that full time office working will be the most effective for their

  • IASB proposes amendments setting out accounting for when no foreign exchange rate exists

    April 20, 2021 Published: IFRS The International Accounting Standards Board (Board) has today published for public consultation proposed amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates.The proposed amendments aim tohelp companies determine whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged. IAS

  • FASB change to rules for sales-type leases would cut losses

    April 16, 2021 Published: AccountingToday The Financial Accounting Standards Board voted to modify its leases standard so some companies won’t have to recognize a heavy loss at the beginning of certain types of lease contracts. The change, which FASB approved at a board meeting Wednesday, applies to sales-type leases with variable lease payments. The leases

  • SASB and Market Principles: Sustainability-Linked Financing

    April 7, 2021 Published: SASB Authored by Jeff Cohen, CAIA, Director of Capital Markets Integration, Head of Private Investment Initiatives  Companies working to improve sustainability performance may have an opportunity to leverage sustainability disclosure to access a rapidly growing area of credit markets through sustainability-linked financing. To date, most ESG debt exists in the form

  • Uncovering your ‘buried life’ and other mental-health tips

    April 14, 2021 Published: Journal of Accountancy Ben Nemtin, the keynote speaker May 5 at the AICPA & CIMA Employee Benefit Plans Conference, thought he was going on a two-week road trip with some friends 15 years ago. That trip lasted years, changing his life and those of many others they encountered. Nemtin also shares

  • Policy reset can deliver a stronger, more resilient, equitable and sustainable post-pandemic recovery

    April 14, 2021 Published: OECD The COVID-19 pandemic has brought social and economic disruption worldwide, but is also providing governments with the opportunity to put economies on a more sustainable and inclusive growth path while addressing the underlying challenges, according to the OECD’s Going for Growth policy report. Going for Growth 2021: Shaping a Vibrant Recovery analyses pre-existing

  • IESBA Launches Post-Implementation Review of Long Association International Independence Standard

    April 14, 2021 Published: IESBA Questionnaire Released Seeking Stakeholder Input to Phase 1 Earlier today, the IESBA’s Long Association Post-Implementation Review (LAPIR) Working Group released a questionnaire seeking stakeholder feedback on key matters relating to Phase 1 of the LAPIR. The questionnaire forms part of the Working Group’s information gathering and will help inform the

  • Global economic confidence rebounds among accountants

    April 12, 2021 Published: Accounting Today Accountants expressed much higher confidence in the economy during the first quarter of this year compared to last year, especially in North America, according to a new survey. The survey, by the Association of Chartered Certified Accountants and the Institute of Management Accountants, polled more than 1,000 senior accountants and

  • In-depth: what is at stake in EU plans for sustainable corporate governance?

    April 9, 2021 Published: Accountancy Europe Many aspects of the EU’s plans to legislate for sustainable corporate governance remain the subject of heated debate, particularly the prospect of binding due diligence on supply chains and linking directors’ pay to green performance. The article, authored by Raquel Guerra and originally published on ENDSEurope, explores the different views

  • FRC on track to become a new, more resilient regulator

    April 8, 2021 Published: FRC The Financial Reporting Council (FRC) has today published its Strategy for 2021/22 after a period of consultation in which respondents expressed broad support for the FRC’s progress towards the new Audit, Reporting and Governance Authority (ARGA).  The Government has published its proposals for restoring trust in audit and corporate governance. These proposals include the establishment of

  • PCAOB’s 2021 inspections target pandemic concerns, predictability

    April 6, 2021 Published: Journal of Accountancy PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday. As reported previously in the JofA, the board is focused both on pandemic-related audit challenges and a concern that firms may be

  • IOSCO Technical Expert Group to undertake an assessment of the technical recommendations to be developed as part of the IFRS Foundation’s sustainability Project

    March 30, 2021 Published: IOSCO IOSCO welcomes the press release issued by the Trustees of the IFRS Foundation (the Trustees) on 22 March 2021 announcing the formation of a working group chaired by the IFRS Foundation to undertake technical preparation for a potential international Sustainability Standards Board (SSB) under the governance of the IFRS Foundation.

  • New IAASB Guidance helps advance assurance for Non- Financial Reporting

    New IAASB Guidance helps advance assurance for Non- Financial Reporting

    April 06, 2021 Published: IAASB Marking a significant step forward in supporting assurance for non-financial reporting, the International Auditing and Assurance Standards Board (IAASB) today published Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements. The Guidance responds to ten key stakeholder-identified challenges commonly encountered in applying International Standard on Assurance

  • PCAOB Releases 2021 Staff Outlook for Inspections and Audit Committee Resource

    PCAOB Releases 2021 Staff Outlook for Inspections and Audit Committee Resource

    April 6, 2021 Published: PCAOB Today the PCAOB released a new Spotlight publication, Staff Outlook for 2021 Inspections. The Spotlight provides an overview of the principal changes we are making to inspections in 2021 and highlights important areas of planned focus. Auditors may find this information valuable as they plan and perform current and upcoming audits.

  • SASB Publishes Spanish Translations of 77 Industry Standards

    French, German, and Japanese translations to follow March 24, 2021 Published: SASB The Sustainability Accounting Standards Board (SASB) today announced that Spanish translations are now available for its 77 industry Standards, with French, German, and Japanese translations forthcoming in the coming months. The translated industry standards follow the publication of French, German, Japanese, and Spanish

  • Accounting in the age of coronavirus

    April 1, 2021 (Last Updated March 26th, 2021 Published: The Accountant Covid-19 has caused large-scale disruption for individuals, businesses and societies worldwide. Organisations needed to act quickly to protect employees, customers, suppliers and balance sheets, pushing finance and accounting professionals to the forefront, writes Andrew Harding chief executive – management accounting at the Association of

  • Fraud and Emerging Tech: Artificial Intelligence and Machine Learning

    Fraud and Emerging Tech: Artificial Intelligence and Machine Learning

    April 5, 2021 Published: The CAQ Artificial intelligence (AI) has become one of the fastest-growing priorities for many companies in the digital era and, consequently, will have a wide-ranging impact on businesses across the globe. This post, part of an emerging technology series from the Anti-Fraud Collaboration, examines the implications of AI and one of its

  • IFAC Continues to Advocate for Convergence in Global Sustainability Standards

    March 30, 2021 Published: IFAC Welcomes Latest Steps by IFRS Foundation Trustees and IOSCO IFAC, the International Federation of Accountants, which comprises 180 member and associate organizations and represents 3 million professional accountants globally, continues its work to support the establishment of global sustainability standards in the public interest. In this regard, IFAC endorses the most recent

  • Strengthening the recovery: The need for speed OECD Economic Outlook, Interim Report March 2021

    Published: OECD A global economic recovery is in sight Activity in many sectors has picked up and partially adapted to pandemic restrictions. Vaccine rollout, although uneven, is gaining momentum and government stimulus, particularly in the United States, is likely to provide a major boost to economic activity. But prospects for sustainable growth vary widely between

  • New Article by IAASB Chair: Assurance Standards Keeping Pace on Non-Financial Reporting

    March 23, 2021 Published: IAASB At its March 2021 meeting last week, the IAASB approved Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements. This guidance marks a significant step forward in supporting the evolving field of assurance for non-financial reporting. To help stakeholders understand the role of both the guidance

  • Anti-Money Laundering, The Basics: Installment 6 – Businesses in Difficulty

    March 22, 2021 Published: IFAC This is the sixth installment of a 6-month publication series titled Anti-Money Laundering, The Basics. The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. 

  • Guide to PCAOB Inspections

    Guide to PCAOB Inspections

    March 24, 2021 Published: The CAQ Confidence in public company financial reporting is essential to the strength and vitality of U.S. securities markets. Company management, audit committees, and internal and external auditors all play important roles in providing investors with reliable financial reports. These roles are reinforced by regulators, including the Securities and Exchange Commission

  • IOSCO Statement on Going Concern Assessments and Disclosures during the COVID-19 Pandemic

    March 24, 2021 Published: IOSCO The International Organization of Securities Commissions (IOSCO) is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation. The organization’s membership regulates more than 95% of the world’s securities markets and is responsible for the oversight of capital markets and the

  • Companies have trouble detecting fraud during COVID

    March 19, 2021 Published: Accounting Today The COVID-19 pandemic could give remote employees around-the-clock access to company funds with little supervision and lead to embezzlement. The pandemic may be providing opportunities for financial fraud that have yet to come to light. The Association of Certified Fraud Examiners released a report in December that showed the observed level

  • Introducing the IFRS Taxonomy 2021

    March 24, 2021 Published: IFRS In this webcast, Ann Tarca, a member of the International Accounting Standards Board (Board), and Izabela Ruta, a member of the technical staff, provide a short introduction to the IFRS Taxonomy 2021 and highlight the key changes from the IFRS Taxonomy 2020.

  • IFRS Foundation publishes IFRS Taxonomy 2021

    March 24, 2021 Published: IFRS The IFRS Foundation has today published the IFRS Taxonomy 2021. The IFRS Taxonomy enables electronic reporting of financial information prepared in accordance with IFRS Standards. Preparers can use the IFRS Taxonomy to tag disclosures, making them easily accessible to investors who prefer to receive financial information electronically. The IFRS Taxonomy

  • IFRS Foundation Trustees announce working group to accelerate convergence in global sustainability reporting standards focused on enterprise value

    March 22, 2021 Published: IFRS The Trustees of the IFRS Foundation today announced the formation of a working group to accelerate convergence in global sustainability reporting standards focused on enterprise value and to undertake technical preparation for a potential international sustainability reporting standards board under the governance of the IFRS Foundation. The working group will

  • FRC welcomes proposals to strengthen UK corporate governance, audit and reporting

    March 18, 2021 Published: FRC The Financial Reporting Council (FRC) welcomes the consultation launched today by the Department for Business, Energy and Industrial Strategy (BEIS) – Restoring trust in audit and corporate governance to reform the UK’s audit, corporate reporting and corporate governance system. Today’s publication of the Government’s proposals is the response to the three independent reviews

  • Agents of Change: Internal Auditors in an Era of Disruption

    March 15, 2021 Published: The Institute of Internal Auditors New Book by Richard Chambers Calls for a Revolutionary Evolution in Internal Audit To be ready for the future and reinforce their crucial role in organizations, internal auditors must not only embrace change, but become a catalyst for transformation. That’s the key takeaway in The Institute

  • The Role of Auditors in Company-Prepared ESG Information: A Deeper Dive on Assurance

    March 17, 2021 Published: The CAQ Companies are increasingly tackling complex problems facing society in the form of environmental, social, and governance (ESG) commitments and practices. Such developments have caused what has been referred to as a “fundamental reallocation of capital.” Some questioned whether the COVID-19 pandemic would disrupt investor focus on ESG matters; instead

  • How the pandemic has affected public finance

    March 9, 2021 Published: GASB Bond Buyer Interview with GASB Vice Chair Jeffrey Previdi The pandemic has caused some special circumstances for state and local governments in juggling their finances. Jeffrey Previdi, the vice-chairman of the Governmental Accounting Standards Board who spent more than 20 years of his career at S&P Global Ratings, talks about

  • External Auditor Assessment Tool: A Tool for Audit Committees

    External Auditor Assessment Tool: A Tool for Audit Committees

    March 2021 Published: The CAQ Do you know how to best appoint, oversee, and determine compensation for the external auditor? Audit committees oversee the integrity of a company’s financial statements and hire, compensate, and oversee the external auditor. Taking the assessment questionnaire included in this tool can be used by audit committees to inform their

  • The Role of Auditors in Company-Prepared ESG Information: A Deeper Dive on Assurance

    The Role of Auditors in Company-Prepared ESG Information: A Deeper Dive on Assurance

    March 2021 Published: The CAQ Companies are increasingly tackling complex problems facing society in the form of environmental, social, and governance (ESG) commitments and practices. Such developments have caused what has been referred to as a “fundamental reallocation of capital.” Some questioned whether the COVID-19 pandemic would disrupt investor focus on ESG matters; instead we

  • Climate change disclosure comments sought by SEC

    March 15, 2021 Published: Journal of Accountancy Acting SEC Chair Allison Herren Lee is asking the public to comment on its disclosure rules and guidance related to climate change disclosures as the commission’s staff undergoes a review of those rules. The request for comments reflects an increased focus on climate-related disclosures under Lee. In February,

  • Building a credible Green Bond market

    Considerations by the accountancy profession March 12, 2021 Published: Accountancy Europe With the European Green Deal, the European Commission sets Europe on a path to become climate neutral by 2050. Achieving this objective will require massive investments. Green bonds are a key tool to help channel funds towards green projects. There is a growing interest

  • IESBA releases additional Guidance on its proposed definition of a Public Interest Entity

    March 12, 2021 Published: IESBA The IESBA today released a new staff publication providing additional context to the Board’s recently proposed revisions to the definition of a public interest entity (PIE). This staff publication supplements the guidance material in the explanatory memorandum of the Exposure Draft Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity

  • Marketing en tiempos inciertos

    El Longino Desde Deloitte realizaron una encuesta a 150 ejecutivos de marketing -de los cuales el 39,7% son CMO corporativos- de distintas empresas del país, para entender en el contexto de la pandemia, cómo se abordó el impacto de la crisis sanitaria en estas áreas. Durante los últimos años, el área de marketing se ha

  • CMO Survey Deloitte Chile: Marketing en tiempos inciertos

    El Longino Desde Deloitte realizaron una encuesta a 150 ejecutivos de marketing -de los cuales el 39,7% son CMO corporativos- de distintas empresas del país, para entender en el contexto de la pandemia, cómo se abordó el impacto de la crisis sanitaria en estas áreas. Durante los últimos años, el área de marketing se ha

  • Getting Started on the New IAASB Quality Management Standards: An Overview

    March 11, 2021 Published: IFAC By: Andrew Brathwaite, Christopher Arnold In the waning days of 2020, the International Auditing and Assurance Standards Board (IAASB) hit one more major milestone—for the year and for the global audit profession—in releasing its new quality management standards, which raise the bar for quality management across the profession. The three

  • Speech: IASB Chair on a decade of standard-setting and the state of the economy

    March 10, 2021 Published: IFRS Hans Hoogervorst, IASB Chair, delivered a speech at a meeting of the International Accounting Forum for Accounting Standards Setter (IFASS) on 9 March 2021. He reflected on his 10-year tenure, as it comes to an end in June 2021; how IFRS Standards have evolved during that time; and on the

  • Strengthening an Integrated Report Using SASB Standards

    March 9, 2021 Published: SASB Co-authored by Janine Guillot and Charles Tilley. Charles Tilley is the CEO of the IIRC. Markets increasingly recognize that the ability of business to create value relies on more than financial capital alone. For proof, look no further than the growing gulf between a typical firm’s enterprise value and the

  • Empresas resilientes, empresas ganadoras

    Han pasado tres años desde la creación del programa ‘Mejores Empresas Chilenas’ de Deloitte; sin embargo, llevar adelante este reconocimiento en 2020 implicó replantear los atributos y categorías a destacar de las organizaciones participantes, entendiendo que la pandemia forzó a cambiar la manera de trabajar y, sobre todo, que una ‘buena empresa’ se construye desde

  • Modernización tributaria: la importancia de generar atractivo para los negocios y emprendimiento

    Df.cl El mantener invertida la determinación de la renta líquida imponible (RLI) en la empresa es un incentivo al ahorro que favorece a aquellas empresas obligadas a declarar su renta efectiva según contabilidad completa por rentas del artículo 20 y que se encuentren sujetas a las disposiciones de la letra A) o al N° 3

  • IFAC Supports Next Steps and Strategic Direction of IFRS Foundation’s Work on Sustainability

    March 08, 2021 Published: IFAC IFAC supports steps announced today by the IFRS Foundation in its ongoing consideration of whether to establish a new Sustainability Standards Board (SSB) alongside the IASB and under the existing governance structure of the IFRS Foundation. IFAC welcomes the engagement of IOSCO in this important initiative, as outlined in the IFRS

  • IFRS Foundation Trustees announce strategic direction and further steps based on feedback to sustainability reporting consultation

    March 8, 2021 Published: IFRS The Trustees of the IFRS Foundation met 2-4 March 2021 to continue their analysis and discussions of the feedback received to their Consultation Paper on Sustainability Reporting (2020 Consultation). Feedback to the 2020 Consultation confirmed an urgent need for global sustainability reporting standards and support for the Foundation to play a role in

  • The Social and Economic Impacts of COVID-19 Have Not Been Gender-blind – Neither Should Our Response

    March 8, 2021 Published: IFAC By Rachel Bleetman COVID-19 and gender inequality The COVID-19 pandemic has affected every corner of the world and all aspects of society, and the impacts of it will be felt for decades to come. One particular troubling consequence has been its devastating impact on gender inequality. The evidence is clear

  • IOSCO Reviews Implementation of Liquidity Risk Management Recommendations and Market Participants´ Responses to COVID-19 Induced Market Stresses

    March 5, 2021 Published: IOSCO IOSCO today launched its Thematic Review of the Recommendations for Liquidity Risk Management for Collective Investment Schemes issued by IOSCO in 2018. The Recommendations are meant to ensure that liquidity risk is managed to safeguard and protect the interests of investors, including in stressed market conditions. They are also designed

  • Podcast: In Conversation on the FRC’s new approach to audit supervision

    March 2, 2021 Published: FRC In this episode, Kate O’Neill, the FRC’s Director of Stakeholder Engagement and Corporate Affairs, sits down with members of the FRC’s new Supervision division to discuss why challenge of management and a challenge culture is critical to high quality audit.   Kate is joined by Jo Morgan (Audit Firm Supervision), Helen

  • Assessing goodwill impairment amid COVID-19

    March 2, 2021 Published: Journal of Accountancy By Gautam Goswami, CPA, and Jennifer Kimmel, CPA In addition to the serious public health threat it poses, the COVID-19 pandemic has affected the current and future financial performance of many entities, with its impact showing on both projections of future cash flows and estimated earnings. As a

  • SEC Division of Examinations Announces 2021 Examination Priorities. Enhanced Focus on Climate-Related Risks

    March 3, 2021 Published: SEC The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and

  • IFAC and IESBA Reach Key Milestone in Delivering Ethics and Independence Resource

    February 28, 2021 Published: IFAC Launch final installment of Exploring the IESBA Code series Today IFAC completed its inaugural series—Exploring the IESBA Code—a unique, educational resource developed in collaboration with the staff of the International Ethics Standards Board for Accountants (IESBA). Launched in November 2019, each installment of the series highlights important concepts and topics in the International Code of Ethics

  • IOSCO statement on sustainability disclosure vision welcomed by the IIRC

    February 26, 2021 Published: Integrated Reporting (IR) The International Integrated Reporting Council (IIRC) welcomes IOSCO’s statement following its Board meeting of 24 February 2021 which underscores the urgent need for comprehensive globally agreed standards for sustainability disclosure that build on existing principles, frameworks and standards.  IOSCO identifies the proposed Sustainability Standards Board (SSB) within the IFRS Foundation’s

  • Without human capital, there is no capital

    February 19, 2021  Published: Accountancy Europe As the Covid-19 pandemic and remote working continue into 2021, we cover mental health at work in this episode. We spoke to Vic Petri, CEO and Founder of Performance Innovations and former Partner at PwC, to learn about how to maintain motivation and drive. He was a global lead on

  • IAASB seeks public comment on Exposure Draft aligning existing Standards with new, revised Quality Management Standards

    February 22, 2021 Published: IAASB The International Auditing and Assurance Standards Board (IAASB) is requesting public comments on its Exposure Draft addressing changes in some of its standards and framework resulting from the new and revised quality management standards. Comments are requested by May 24, 2021. The Exposure Draft aligns the IAASB’s standards related to review, assurance and related

  • Operational separation of audit practices

    February 23, 2021 Published: FRC The Financial Reporting Council (FRC) published principles for operational separation of the audit practices of the ‘Big 4’ firms in July 2020.  The FRC asked the firms to submit their implementation plans by 23 October 2020.  The FRC has reviewed these plans and discussed them with the firms individually and is now

  • Voices: Accountants can save the planet while helping businesses flourish

    February 19, 2021 Published: AccountingToday By Richard Barker Few film directors would cast an accountant in the role of planetary savior. But accountants across the world must now take a pivotal role in tackling the climate emergency, while guiding businesses through an age of unprecedented change. This is because adaptation of zero-carbon business practices is now

  • IASB proposes to extend support for lessees accounting for covid-19-related rent concessions

    February 11, 2021 Published: IFRS The International Accounting Standards Board (Board) has today published for consultation a proposal to extend by one year the application period of the amendment to IFRS 16 Leases issued in 2020 to help lessees accounting for covid-19-related rent concessions. The original amendment was issued in May 2020 to make it easier for lessees to

  • ESG Reporting and Attestation: A Roadmap for Audit Practitioners

    ESG Reporting and Attestation: A Roadmap for Audit Practitioners

    February 17, 2021 Published: The CAQ The building blocks of reliable, comparable and relevant environmental, social, and governance (ESG) information begin with a foundation of quality reporting by company management. The American Institute of CPAs and Center for Audit Quality have teamed up to provide audit practitioners with an overview of ESG reporting and the

  • A road map for ESG disclosures and assurance

    February 17, 2021 Published: Journal of Accountancy As the demand for environmental, social, and governance (ESG) information increases, related opportunities for CPAs involved in financial reporting and auditing continue to grow. Investors are showing more interest in ESG information, and some are calling on public companies to incorporate into SEC submissions ESG disclosures on topics

  • Chile: focus on reducing inequality to strengthen social and economic recovery from COVID-19

    February 4, 2021 Published: OECD Chile has been plunged into recession by the double shock of the late-2019 social protests and the ongoing COVID-19 crisis. Sound public finances have enabled bold stimulus action to support the economy, yet risks remain. Once the health crisis is under control, and the recovery well underway, reforms should focus

  • Profession in Focus: Exclusive Conversation with Former SEC Chair Jay Clayton

    February 11, 2021 Published: The CAQ CAQ Executive Director Julie Bell Lindsay sat down (virtually) with former SEC Chairman Jay Clayton for an exclusive conversation about the SEC under Clayton’s tenure. They discuss the modernization of auditor independence rules, financial reporting during COVID-19, fraud, audit quality, and Clayton’s advice for the next SEC Chairman.

  • IOSCO Reviews the Impact of COVID-19 Government Support Measures on Credit Ratings

    February 15, 2021 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published a report analyzing the observed impact of COVID-19-related government support measures (GSM) on the credit ratings of the three largest credit rating agencies- Fitch, Moody´s and Standard & Poor´s (collectively the “CRAs”). In response to the COVID-19 pandemic,

  • Single audits: Deliver high quality in a challenging time

    February 11, 2021 Published: Journal of Accountancy The release of the Office of Management and Budget’s (OMB’s) Compliance Supplement addendum for single audits right before Christmas gave practitioners long-awaited guidance for these specialized audits that are especially complicated because of the surge in government funding related to the coronavirus pandemic. But the release also created expectations for

  • FRC on track to becoming a robust and independent regulator

    February 12, 2021 Published: FRC Today the Financial Reporting Council (FRC) has published for consultation its draft 2021/22 Strategy, Plan & Budget which reflects its continued commitment to serve the public interest whilst also moving at pace towards building the enhanced capacity and capability necessary to transform into the new Audit, Reporting and Governance Authority (ARGA). Over the

  • Joe Biden must take a global lead on climate risk disclosure

    | Financial Times February 10, 2021 Published: SASB Co-authored by Laura Tyson and Bob Herz This op-ed was originally published in the Financial Times on January 6, 2021. The Biden administration can make significant progress on preventing such events by using executive orders. As US president-elect Joe Biden prepares to take office, many see the

  • New standards continue drive toward better audits

    February 5, 2021 Published: Journal of Accountancy The changes emerging for audit firm quality management standards may pose implementation challenges for firms that are comparable to those caused by Section 404(b) of the Sarbanes-Oxley Act for audit clients a generation ago, according to KPMG’s Christian Peo, CPA. Yet Peo, KPMG’s national managing partner for audit

  • Going concern: recommendations to strengthen the financial reporting ecosystem

    February 3, 2021 Published: Accountancy Europe When a company collapses, all stakeholders are affected, from employees to investors, and it eventually erodes the public’s trust in financial markets. This publication, with its counterpart on fraud, presents recommendations to strengthen the financial reporting ecosystem. This is especially topical after recent corporate failures, fraud cases and companies getting

  • 5 steps for reliable ESG reporting amid growing demand

    February 5, 2021 Published: Journal of Accountancy By George Spencer Financial reporting is getting a green makeover. The global trend to incorporate ESG (environmental, social, and governance) data in mainstream financial reports is accelerating. “Companies that haven’t begun thinking about sustainability reporting and how ESG topics will impact them should start doing so, regardless of

  • Reports: UK’s BEIS to publish white paper on audit reforms

    February 5, 2021 Published: The Accountant According to a report from the Financial Times (FT), recently appointed UK business secretary Kwasi Kwarteng intends to publish a white paper on audit reforms as early as next week. The white paper will follow numerous reviews into the UK audit market, most recently the Brydon report which called for the

  • AICPA’s proposed standards aim to enhance audit quality

    February 4, 2021 Published: The Accountant The American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) has issued an exposure draft (ED), Proposed Quality Management Standards, which includes three interrelated standards that aim to improve how CPA firms manage audit quality. The standards offer a risk-based approach to effective quality management systems within CPA firms, which

  • How the 2020 crisis is shaping the 2021 finance agenda

    February 4, 2021 Published: The AccountantUnprecedented business disruption forced organisations to delay many 2020 plans and operate in a reactive mode. Respondents to the 2021 Key Issues Study expect stability to remain elusive, write Nilly Essaides, Gilles Bonelli, Tom Willman and Jim O’Connor at The Hackett Group The crisis and its fallout will continue to

  • Profession in Focus: PCAOB Hot Topics

    January 28, 2021 Published: The CAQ On this edition of Profession in Focus, watch Catherine Ide, the CAQ’s Vice President of Professional Practice, as she talks to PCAOB Board Member Rebekah Goshorn Jurata about topics that are top of mind regarding the Public Company Accounting Oversight Board as we kick off 2021.

  • IFRS Foundation Trustees announce next steps in response to broad demand for global sustainability standards

    February 2, 2021 Published. IFRS The Trustees of the IFRS Foundation met on 1 February 2021 to review responses to the first three questions asked by their consultation paper on sustainability reporting—demand for global sustainability standards, whether the IFRS Foundation should play a role, and, if so, the requirements for success in doing so. The

  • TheCityUK calls on the UK and EU to resolve outstanding issues

    February 2, 2021 Published: The Accountant TheCityUK, an industry-led body representing UK-based financial and related professional services, has called on the UK and the EU to resolve outstanding issues for financial and professional services that still remain a month after signing the Trade and Cooperation Agreement (TCA). In its paper, TheCityUK identified six key areas that

  • PCAOB Shares Perspective from 2020 Conversations with Audit Committee Chairs

    PCAOB Shares Perspective from 2020 Conversations with Audit Committee Chairs

    February 1, 2021 Published: PCAOB The PCAOB released a new publication, 2020 Conversations with Audit Committee Chairs. As part of our strategic goal of enhancing transparency and accessibility through proactive stakeholder engagement, in 2020 we reached out to the audit committee chairs of most of the U.S. public companies whose audits we inspected and offered

  • SME risk management: insolvency

    February 1, 2021 Published: Accountancy Europe About 200,000 companies go bankrupt every year in Europe, resulting in 1.7 million job losses. The ongoing COVID-19 crisis and economic downturn has exceptionally worsened the situation, putting an unprecedently heavy strain on Europe’s small and medium-sized businesses (SMEs). And the worst may yet be ahead, as governments will eventually end

  • IPSASB Issues Two Leases-Related Publications for Public Comment

    January 15, 2021 Published: IPSASB Exposure Draft 75, Leases, and Request for Information, Concessionary Leases and Other Arrangements Similar to Leases The International Public Sector Accounting Standards Board® (IPSASB®) has today released for comment Exposure Draft (ED) 75, Leases and Request for Information, Concessionary Leases and Other Arrangements Similar to Leases. Stakeholder comments on ED 75 and Request for Information sought

  • Time to build back better corporate governance

    January 22, 2021 Published: Accountancy Europe In our first episode of 2021, Mathilde Mesnard, Deputy Director for Financial and Enterprise Affairs at the OECD, discusses the global debate around corporate governance. She breaks down the incremental changes that businesses have made to become more responsible and sustainable, but she sees now, that a more fundamental shift

  • UK FRC & IESBA Jointly Issue Staff Guidance to Highlight the Ethical and Auditing Implications Arising from Government-Backed COVID-19 Business Support Schemes

    January 26, 2021 Published: IESBA The Staff of UK Financial Reporting Council (FRC) and the International Ethics Standards Board for Accountants (IESBA) jointly released the publication, Ethical and Auditing Implications Arising from Government-Backed COVID-19 Business Support Schemes. This staff publication highlights ethical and auditing implications arising from government-backed business support programs which have been utilized at

  • CABA Year in Review: Covid-19’s impact will be felt for months to come

    January 26, 2021 Published: The Accountant For many, 2020 will have been the toughest year they have ever faced. On top of an already stressful job, they have felt the strain of national lockdowns and prolonged periods of remote working. They may have lost clients, while those that remain pile on the pressure as they

  • Investors Fuel Market Movement for Comparable ESG Data

    January 26, 2021 Published: SASB By: Janine Guillot, CEO SASB Among the many paths to progress, capital markets can be a powerful lever of systemic change. We were reminded of this today with the publication of BlackRock CEO Larry Fink’s annual letter to shareholders. BlackRock has been a leading force in the global investor push

  • Using the New Global Risks Report to Be Risk Beacons in Our Organizations

    January 24, 2021 Published: Internal Auditor By Richard Chambers Given the global mission of The IIA, I frequently share global studies that should be of interest to internal auditors around the world. These reports come frequently from organizations such as The World Bank, Organization for Economic Co-operation and Development, International Monetary Fund, and World Economic Forum (WEF). All of

  • The Global Risks Report 2021

    The Global Risks Report 2021

    January 19, 2021 Published: World Economic Forum (WEF) The 16th edition of the World Economic Forum’s Global Risks Report analyses the risks from societal fractures—manifested through persistent and emerging risks to human health, rising unemployment, widening digital divides, youth disillusionment, and geopolitical fragmentation. Businesses risk a disorderly shakeout which can exclude large cohorts of workers

  • Meeting Recap: Financial Accounting Standards Advisory Council (FASAC)

    January 15, 2021 Published: FASB The FASAC held its quarterly meeting on Tuesday, December 15, 2020. The following topics were discussed: Complexity and Differences in the Perceived Precision Involved in Financial Reporting: FASAC members discussed complexity in financial reporting including different expectations between the level of precision required in applying GAAP (for preparers and practitioners) and

  • IESBA underlines importance of objectivity form engagement quality reviewers and other appropriate reviewers through enhanced guidance

    January 14, 2021 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) today released revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) addressing the objectivity of an engagement quality reviewer (EQR) and other appropriate reviewers. This project dovetailed with the International Auditing and Assurance Standards Board’s (IAASB’s) development of International Standard on

  • Best of CES 2021

    Best of CES 2021 January 14, 2021 https://www.youtube.com/watch?v=fl1PkXyOTF4&ab_channel=Engadget Vista previa del vídeo Best of CES 2021 de YouTube

  • Ojo a las criptomonedas: sí pagan impuestos

    Ojo a las criptomonedas: sí pagan impuestos

    El Diario Financiero Por MAURICIO BENÍTEZ CÓRDOVA DIRECTOR INTERNATIONAL BDO El 2020 no sólo trajo el Covid-19 y la pandemia mundial, sino que también la modernización tributaria que, entre otros aspectos, permitió que Chile se integrase al concierto de países con legislaciones que regulan el tratamiento tributario de plataformas digitales en sus respectivos mercados, alineado

  • Reflections for the profession with respect to the disclosure and reporting of non-financial information

    January 19, 2021 Published: Accountancy Europe 23 September 2020  – Hilde Blomme and Professor Ann Jorissen discuss on the topic of reflections on opportunities and challenges for the profession with respect to the disclosure and reporting of non-financial information. The written representation of the interview is provided by Sandrine Van Bellinghen, Delegate General for European

  • IIRC updates International IR Framework

    January 19, 2021 Published: The Accountant The International Integrated Reporting Council (IIRC) has published revisions to the International IR Framework to enable enhanced reporting. These revisions are the first since the IR Framework was originally published in 2013 and are the result of an extensive market consultation with included 1,470 individuals in 55 jurisdictions. The

  • The Future of Audit Oversight

    January 15, 2021 Published: PCAOB By: J. Robert Brown Jr., Board Member In creating the Public Company Accounting Oversight Board (PCAOB or Board), Congress fundamentally changed the system of oversight for the auditing profession. The profession’s authority to write its own auditing, quality control, ethics, and independence standards and to discipline itself was removed, replaced by

  • El legado de Vivian Clarke Levi

    El Mercurio Ha fallecido Vivian Clarke Levi, nuestro muy querido amigo y socio de muchos años. Hemos ingresado a nuestra recordada firma Langton Clarke en distintas etapas de la vida profesional, encontrando una cálida acogida, donde los signos eran la amistad fraterna, la excelencia en el trabajo, el respeto a nuestros colaboradores y el buen

  • El legado de Vivian Clarke Levi

    El legado de Vivian Clarke Levi

    Ha fallecido Vivian Clarke Levi, nuestro muy querido amigo y socio de muchos años. Hemos ingresado a nuestra recordada firma Langton Clarke en distintas etapas de la vida profesional, encontrando una cálida acogida, donde los signos eran la amistad fraterna, la excelencia en el trabajo, el respeto a nuestros colaboradores y el buen servicio a

  • Mitigating the Risk of Common Fraud Schemes: Insights from SEC Enforcement Actions

    January 2021 Published: AFC Anti- Fraud Collaboration Over the years, the Securities and Exchange Commission’s (“SEC”) enforcement efforts have focused on a wide range of alleged misconduct, related but not limited to, intentional and non-scienter frauds, issuer reporting and disclosures, auditor shortcomings, absent or insufficient internal controls, deficient disclosure controls, non-GAAP measures, the Foreign Corrupt

  • OECD gives potentially optimistic outlook for 2021 | DW News

    December 17, 2020 Published: OECD The global output will return to pre-pandemic levels by the end of 2021 after witnessing a sharp 4.2% decline this year, the Organization for Economic Co-operation and Development (OECD) said in its economic outlook released on Tuesday. The 37-member OECD projects global GDP to rise by around 4.2% in 2021

  • Financial Conduct Authority (FCA) ruling on call recording

    January 13, 2021 Published: The Accountant Watchdog is set to end leniency it showed financial services firms at start of pandemic; making sure all mobile calls are recorded is now paramount In early January 2021, the Financial Conduct Authority ruled that financial services organisations must record all communications while working from home. This is a

  • Mitigating the Risk of Common Fraud Schemes: Insights from SEC Enforcement Actions

    Mitigating the Risk of Common Fraud Schemes: Insights from SEC Enforcement Actions

    January 2021 Published: AFC Anti- Fraud Collaboration Over the years, the Securities and Exchange Commission’s (“SEC”) enforcement efforts have focused on a wide range of alleged misconduct, related but not limited to, intentional and non-scienter frauds, issuer reporting and disclosures, auditor shortcomings, absent or insufficient internal controls, deficient disclosure controls, non-GAAP measures, the Foreign Corrupt

  • Deterring and detecting fraud at a time of heightened risk

    January 12, 2021 Published: Journal of Accountancy Fraud experts expect the next few years to be a time of heightened risk as the damaging economic effects of the coronavirus pandemic create pressure and motive that can lead to wrongdoing. A new analysis by the Anti-Fraud Collaboration provides insight on the most common types of financial statement fraud

  • Developing a strong fraud-mitigation program

    January 11, 2021 Published: Journal of Accountancy By Joshua Wiesenfeld, CPA How CPAs can help clients dodge avoidable losses as fraud cases rise. Recessions give rise to innumerable challenges to business operations, not the least of which are growing instances of fraud. As the economic challenges caused by the COVID-19 pandemic drag on, business owners

  • Data Breach: Safeguarding Financial Services

    January 6, 2021 Published: The Accountant Email is becoming more important than ever, especially with the rise in remote working. The potential to make an error when sending an email is common, whether it be sending to the wrong address or with the wrong attachment. Andrea Babbs, UK general manager at VIPRE, explains how financial

  • A process not an event: trade after Brexit transition

    January 4, 2021 Published: ICAEW While the UK-EU trade deal is a positive step towards ensuring the ongoing flow of goods between the two partners, many questions remain on how it will affect business operations in the current COVID climate. The UK’s future relationship with the EU is now enshrined in UK law, a law

  • 2020/21 Reporting Season: find the help you need

    January 4, 2021 Published: ICAEW Help from ICAEW to assess the impact of COVID-19 and Brexit on businesses and the implications for 2020/21 financial reporting. COVID-19 is having a devastating effect on people’s health, way of life and the economy. Many businesses are suffering from the consequences of the pandemic as it continues to affect

  • The most in-demand accounting specialty today? Having none at all

    January 4, 2021 Published: Accountancy Europe By: Florin Toma In a year like no other, it is difficult to assess how the pandemic and subsequent economic crisis will affect us all. One thing is unquestionable: different trends from different directions are converging to create a future unlike anything we have ever imagined. Much like standing

  • AICPA Issues Blockchain Guidance for Auditors

    January 4, 2021 Published: The Accountant The American Institute of CPAs (AICPA) has issued a white paper to help auditors providing SOC reports on organisations that have incorporated blockchain into their service delivery systems. The white paper, Implications of the Use of Blockchain in SOC for Service Organisation Examinations, was developed by a working group of

  • IOSCO seeks to help regulators address retail market conduct risks during stress events such as COVID-19

    December 22, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions today published a report that seeks to assist regulators in responding to the retail market conduct issues caused by stress events such as the current COVID-19 pandemic. Enhancing investor protection and investor confidence in the integrity of securities markets are fundamental objectives for

  • Enhancing Skepticism to Fight Fraud

    December 22, 2020 Published: The CAQ Failure to exercise skepticism can result in significant consequences, including fraud. An appropriate level of skepticism can help members of the financial reporting supply chain and other relevant stakeholders enhance their effectiveness in mitigating the risk of fraud and misconduct. They can use skepticism to identify red flags and

  • The IIA Releases New Practice Guide on Auditing Market Risk in Financial Institutions

    December 17, 2020 Published: The IIA Market risk has always been considered a key risk for financial services organizations. In today’s volatile global markets, regulators and supervisors are focused on market risk, emphasizing the necessity of having accurate models that can measure the capital impact of market activities on the financial viability of an institution.

  • IAASB communique details Plans to develop separate Standard for Audit of less Complex Entities

    December 15, 2020 Published: IAASB During its December 2020 meeting, the IAASB held its first public discussions on the draft of a separate standard being developed for an audit of less complex entities and the official project proposal to complete and publish the draft standard for public consultation in 2021. The IAASB approved the project proposal and

  • Financial fraud risks to watch for amid the pandemic

    December 23, 2020 Published: Journal of Accountancy The precise effect the COVID-19 pandemic is having on financial fraud may take time to sort out — regulatory enforcement actions against accounting violations can take years to piece together. But some forensic accounting specialists said during a session at the AICPA Conference on Current SEC and PCAOB

  • Ethics, digitalisation and accounting

    December 16, 2020 Published: Accountancy Europe In our final episode of 2020, we speak with Brian Friedrich, board member of the International Ethics Standards Board (IESBA). Brian focuses on the digitalisation of the accountancy profession and the role of ethics in the digital transition. During this episode, Brian delves deeper into how IESBA interacts with

  • IAASB raises the bar for Quality Management

    December 17, 2020 Published: IAASB New, Revised Standards Strengthen, Modernize Approach to Quality Management The International Auditing and Assurance Standards Board (IAASB) today released its three quality management standards. The standards promote a robust, proactive, scalable and effective approach to quality management and mark a significant evolution of the existing quality control standards. “These standards will drive

  • Global sustainability and integrated reporting organizations launch prototype climate-related financial disclosure standard

    December 18, 2020 Published: IIRC Five leading organizations in sustainability and integrated reporting, who published a shared vision for a comprehensive corporate reporting system earlier this year, have taken a next practical step together. Today, coinciding with the fifth anniversary of the Paris Agreement on 12 December, the group published a paper that addresses one part of

  • Technological Resources – Using Technology To Enhance Audit Quality

    December 17, 2020 Published: FRC The Financial Reporting Council (FRC) has today published its response to its recent consultation, Technological Resources: Using Technology to enhance audit quality. The FRC’s response incorporates discussion of responses received as well as discussion of other matters that have arisen throughout additional outreach and engagement with stakeholders. Almost all respondents agreed that the use of technology

  • IRBA, IESBA and IAASB jointly issue staff Guidance on Navigating the Heightened Risks of Fraud and Other Illicit Activities during the Covid-19 Pandemic

    December 16, 2020 Published: IESBA CPA Canada and IESBA Issue Complementary Staff Guidance on the Evolving Risks for Money Laundering, Terrorist Financing and Cybercrime Earlier today, the Staff of the South African Independent Regulatory Board for Auditors, (IRBA) the International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB)

  • Navigating the Heightened Risks of Fraud and Other Illicit Activities during the Covid-19 Pandemic

    Navigating the Heightened Risks of Fraud and Other Illicit Activities during the Covid-19 Pandemic

    Including Considerations for Auditing Financial Statements December 16, 2020 Published: IESBA The Staff of the South African Independent Regulatory Board for Auditors, (IRBA) the International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) jointly released this publication highlighting the heightened risks of fraud arising from the disruptive and

  • CARMEN ENCARNACIÓN PLANTEA UN ESQUEMA CON MENORES EXENCIONES

    Socia de EY en EEUU y el sistema tributario: “Chile tiene la oportunidad de diferenciarse”El Diario FinancieroLa experta sostiene que el país sigue siendo atractivo para los inversionistas norteamericanos.La abogada dominicana Carmen Encarnación conoce bien a Chile y el pasado 3 de diciembre participó en un evento internacional a distancia sobre tributación organizado por EY

  • GRI calls for sustainability reporting to become mandatory

    December 15, 2020 Published: The Accountant The Global Reporting Initiative (GRI) has called for sustainability reporting to become mandatory in its response to the International Financial Reporting Standards (IFRS) Foundation consultation on its potential role in sustainability reporting standards. The GRI said that this is necessary to enable higher comparability and transparency, ensuring the same

  • Profession in Focus: Hot Topics for Auditors Heading into Year End

    December 11, 2020 Published: The CAQ On this edition of Profession in Focus, watch Catherine Ide, the CAQ’s Vice President of Professional Practice as she talks to PwC’s Jorge Milo, National Office Managing Partner and National Quality Office Leader, about topics that are top of mind for public company auditors heading into the calendar year

  • SEC Adopts Rules to Modernize Key Market Infrastructure Responsible for Collecting, Consolidating, and Disseminating Equity Market Data

    December 9, 2020 Published: SEC Fosters a competitive environment for core components of the national market system for the first time The Securities and Exchange Commission today adopted rules to modernize the infrastructure for the collection, consolidation, and dissemination of market data for exchange-listed national market system stocks (“NMS market data”).  This infrastructure has not

  • FRC announces its thematic reviews, audit areas of focus and priority sectors for 2021/22

    December 10, 2020 Published: FRC The Financial Reporting Council (FRC) has today announced its corporate reporting and audit quality review programme for 2021/22 alongside its priority sectors for review.    The FRC’s Corporate Reporting Review team will supplement its routine reviews of corporate reporting with five thematic reviews. These reviews will identify scope for improvement, as

  • Tips for auditing in a COVID-19 environment

    December 9, 2020 Published: Journal of Accountancy December 9, 2020 Published: Journal of Accountancy Operational changes, remote procedures, and new risks associated with the coronavirus pandemic have made the audit environment much different than it was in the days before COVID-19. George Botic, director of the PCAOB’s Division of Registrations and Inspections, provided observations on

  • Why the best critical audit matter disclosures use entity-specific info

    December 8, 2020 Published: Journal of Accountancy Auditors should look at critical audit matters as an important opportunity to communicate and show the value they add to the financial reporting process, PCAOB member J. Robert Brown said Monday at the AICPA Conference on Current SEC and PCAOB Developments. Auditors began communicating critical audit matters (also

  • The Need for Increased Transparency and Accountability in the PCAOB’s Remediation Process

    Date. December 7, 2020 Published: PCAOB Speaker: J. Robert Brown Jr., Board Member Event: AICPA Conference on Current SEC and PCAOB Developments On December 7, 2020, I, along with my fellow Board members, spoke on a panel at the AICPA Conference on Current SEC and PCAOB Developments. In response to a question, I addressed the

  • Introducing the Quality Management Standards

    November 18, 2020 Published: IAASB These videos—available in English, French and Spanish—explain the key aspects of the new and revised quality management standards to help stakeholders begin their implementation efforts. The IAASB recently approved the suite of new and revised quality management standards, which will be released following approval from the Public Interest Oversight Board

  • Auditing fraud risk during a pandemic

    December 2, 2020 Published: Journal of Accountancy By Deana Thorps, CPA, and Tracy Harding, CPA The coronavirus pandemic has taught us all to be on high alert during a time of uncertainty. The key to managing this uncertainty is adaptability. All entities have been affected by the pandemic in some way, whether it’s changes in

  • CDSB calls for regulatory change following review of European corporate environmental disclosures

    December 7, 2020 Published: CDSB The third consecutive review of environmental and climate-related disclosures in Europe shows signs of improvement, but the information remains insufficient for investment decision-making. 11 December, 2020 – Latest report released by the Climate Disclosure Standards Board “The state of EU environmental disclosures in 2020” analysed the strength and weaknesses of disclosure among

  • Practitioners provide new transparency through critical audit matters

    December 3, 2020 Published: Journal of Accountancy Auditors’ reports on public company financial statements are providing users with a better understanding of company financial information as a result of newly required reporting on critical audit matters, according to a new report by the Center for Audit Quality (CAQ). The CAQ, which is affiliated with the AICPA, found

  • Critical Audit Matters. A Year in Review

    Critical Audit Matters. A Year in Review

    December 3, 2020 Published: The CAQ Introduction In 2019, auditors began communicating critical audit matters (CAMs) in their auditor’s reports. The Public Company Accounting Oversight Board (PCAOB) defines a CAM as: any matter arising from the audit of the financial statements that was communicated or required to be communicated to the audit committee, and that (1) relates

  • Consolidated covid-19 guidance for companies and auditors

    December 4, 2020 Published: FRC The FRC has today published consolidated covid-19 guidance for companies and auditors. The consolidated guidance supersedes all previous FRC guidance for companies and auditors. A link to the consolidated Covid-19 guidance for auditors can be found here.A link to the consolidated Covid-19 guidance for companies can be found here. The updated Bulletin for auditors

  • New report highlights digital transformation during COVID-19 and beyond

    December 2, 2020 Published: Journal of Accountancy By Anita Dennis Just as CPAs have turned to digital solutions to help their firms and clients navigate COVID-19, accountants and finance professionals across the United States and around the world also are exploring technology options to help companies revamp their businesses and reengineer the way they run

  • Podcast: In conversation with Hannah Armitage and Janet Lucke on climate reporting

    November 19, 2020 Published: FRC Unsure what to do about climate-related reporting? In this podcast Janet Lucke, Case Officer in the FRC’s Corporate Reporting Review team takes you through CRR’s findings from its review of climate-related considerations in Companies Act reporting and against International Financial Reporting Standards requirements. Janet and Hannah discuss the findings of

  • IASB plans possible new M&A standards

    November 30, 2020 Published: Accounting Today The International Accounting Standards Board began a consultation process Monday in preparation for possible changes in the accounting standards for mergers and acquisitions involving companies within the same group, or in other words, business combinations under common control. A current International Financial Reporting Standard, IFRS 3, Business Combinations, already

  • PCAOB Issues COVID-19 Spotlight, Provides Insights and Reminders for Auditors

    PCAOB Issues COVID-19 Spotlight, Provides Insights and Reminders for Auditors

    December 2, 2020 Published: PCAOB The Public Company Accounting Oversight Board (PCAOB) today released a new Spotlight publication, Staff Observations and Reminders during the COVID-19 Pandemic, to provide insights from recent PCAOB inspections of reviews of interim financial information and audits. “Consistent with our strategic objective to conduct inspection activities that facilitate more timely and relevant

  • Digital transformation reimagined: Accountants’ lessons learned

    Digital transformation reimagined: Accountants’ lessons learned

    December 2, 2020 Published: AICPA Early in the pandemic, the Association of International Certified Professional Accountants, the unified voice of AICPA and CIMA, reached out to members to learn how they were adapting to the rapidly evolving small business environment. The time for digital transformation is now. It’s time to envision new ways to run

  • Consultation on revised review standard (ISRE (UK) 2410) for interim financial statements

    November 27, 2020 Published: FRC The Financial Reporting Council (FRC) has launched a consultation on the proposed revision of its review standard for interim financial statements, International Standard for Review Engagement (UK) 2410 (ISRE (UK) 2410) Review of Interim Financial Information Performed by the Independent Auditor of the Entity. The FRC has recently reviewed ISRE (UK) 2410 in

  • IASB proposes amendment to its leases Standard to improve accounting for sale and leaseback transactions

    November 27, 2020 Published: IFRS The International Accounting Standards Board has today proposed to amend IFRS 16 Leases by specifying how a company measures the lease liability in a sale and leaseback transaction. Sale and leaseback transactions are transactions for which a company sells an asset and leases that same asset back from the new owner. IFRS

  • Reporting on the new Corporate Governance Code is a mixed picture

    November 26, 2020 Published: FRC The revised UK Corporate Governance Code provides an opportunity for companies to report to their stakeholders in a way that allows them to communicate high-quality information about the way in which their governance functions to deliver a company’s purpose and strategy. Although some companies have embraced the opportunities the revised

  • Profession in Focus: Auditor Risk Assessment, Scoping and COVID-19

    November 17, 2020 Published: The CAQ Auditor Risk Assessment and Scoping in the COVID-19 environment is front and center in this edition of Profession in Focus. Hear firsthand auditor insights on COVID-19’s impact on materiality, risk assessment, multi-location scoping and internal audit departments as the CAQ’s Yuri Zwick, Professional Practice Fellow, sits down with Christine

  • FRC statement in response to the Asset Management Taskforce report

    November 24, 2020 Published: FRC The FRC commends all the organisations that worked together to develop the recommendations of the Asset Management Taskforce’s Investing with Purpose report. We welcome the report’s endorsement of the UK Stewardship Code as the best in class marker of effective stewardship and the recommendations that encourage investors and those that support them

  • Audit firms enhance going concern assessments

    November 24, 2020 Published: FRC Audit firms have implemented additional measures to enhance their evaluation of companies’ going concern assessments, since the start of the Covid-19 pandemic, according to a review of completed audits by the Financial Reporting Council (FRC). The FRC reviewed a sample of eleven audits of the going concern assessments performed by the seven largest

  • IOSCO Annual Meeting addresses the impact of COVID 19 and other critical matters on securities markets

    November 23, 2020 Published: IOSCO Members of the International Organization of Securities Commissions (IOSCO) gathered online for the organization´s 45th Annual Meeting last week to discuss the impact of COVID 19 on capital markets and other priority issues facing securities market regulators and supervisors today. Some 480 members from 159 jurisdictions participated in the event.

  • SEC Adopts Amendments to Modernize and Enhance Management’s Discussion and Analysis and other Financial Disclosures

    November 19, 2020 Published: SEC The Securities and Exchange Commission today announced that it has voted to adopt amendments that will modernize, simplify and enhance certain financial disclosure requirements in Regulation S-K. The amendments are intended to enhance the focus of financial disclosures on material information for the benefit of investors, while simplifying compliance efforts

  • PCAOB amends independence requirements to align with SEC changes

    November 19, 2020 Published: Journal of Accountancy The PCAOB adopted amendments Thursday to align its independence requirements with recently updated SEC rules. Last month the SEC amended its rules in an effort to prevent the triggering of auditor independence rules violations in situations that don’t necessarily impair auditor judgments. The amendments were designed to prevent unnecessary red flags that

  • Digital Readiness: PAOs Can Build Upon Our Trusted Position

    November 12, 2020 Published: IFAC Harnessing digital readiness may be one of the greatest opportunities the accountancy profession has to do the ‘same things differently’ and to ‘do new things’. These elements were covered by IFAC’s Future Ready work that fundamentally depicts the profession as being at a hinge point – will we just do the same things, will

  • How to apply COSO’s ERM framework to compliance risk management

    November 18, 2020 Published: Journal of Accountancy The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published new guidance on how to apply the COSO enterprise risk management framework to effectively manage and mitigate compliance risks. Compliance Risk Management: Applying the COSO ERM Framework describes the characteristics of compliance and ethics programs associated with each of

  • Sustainable finance – an inside look With Wim Bartels and Rami Feghali

    November 13, 2020 Published: Accountancy Europe Our latest episode is an exclusive discussion with the Chair of Accountancy Europe’s Sustainable Finance Group, Wim Bartels and the Vice-Chair of the same group, Rami Feghali. In this episode, we learn about how the accountancy profession is preparing for the EU’s shift to sustainable finance. Specifically, they address

  • New Guidance: Compliance Risk Management – Applying the COSO ERM Framework

    New Guidance: Compliance Risk Management – Applying the COSO ERM Framework

    November 11, 2020 Published: COSO Companies are taking a closer look at how to effectively manage and mitigate compliance risks, especially at a time when many compliance programs are under the microscope from regulators while also dealing with the effects of a global pandemic. This new publication, Compliance Risk Management: Applying the COSO ERM Framework,

  • Preparation of cash flow statements needs to improve

    November 17, 2020 Published: FRC The Financial Reporting Council (FRC) has today published a review of corporate reporting in relation to IAS 7 ‘Cash flow statement’ and the liquidity disclosure requirements in IFRS 7 ‘Financial Instruments: Disclosures’. The FRC continues to identify errors in cash flow statements and this review examines many of the issues faced in their

  • Perspectives on Management Review Controls: Challenges and Solutions

    Perspectives on Management Review Controls: Challenges and Solutions

    November 18, 2020Published: The CAQThe CAQ and the Financial Education & Research Foundation of Financial Executives International commissioned an independent qualitative research study on internal control over financial reporting (ICFR) management review controls. This report, based on interviews conducted with key accounting personnel at a sample of public companies, followed by interviews with members of

  • COVID-19 crisis threatens Sustainable Development Goals financing

    November, 10 2020   Published: OECD According to the OECD’s latest Global Outlook on Financing for Sustainable Development, developing countries are facing a shortfall of USD 1.7 trillion in the financing they would need this year to keep them on track for the 2030 Sustainable Development Goals (SDGs), as governments and investors grapple with the health,

  • The PCAOB’s Use of Economic Analysis and Stakeholder Input in Standard Setting

    The PCAOB’s Use of Economic Analysis and Stakeholder Input in Standard Setting

    November 17, 2020 Published: PCAOB Today the PCAOB released a new Spotlight publication that highlights how we are implementing our strategic objective of better leveraging economic and risk analysis to effectively set standards, rules, and guidance. The Spotlight provides an overview of how we conduct economic analysis and gather stakeholder input. It also includes a

  • FRC announces company reporting expectations for 2020/21

    November 12, 2020 Published: FRC The Financial Reporting Council (FRC) has today published its annual end of year letter to CEOs, CFOs and Audit Committee Chairs setting out its reporting expectations for preparers of reports and accounts for the year ahead. This year’s letter is of particular significance given the continuing backdrop of economic uncertainty and the impact

  • Covid-19 strengthens need for audit improvement

    November 12, 2020 Published: FRC Auditors must redouble their efforts to remedy inconsistent audit quality, which has become even more important in the face of the unprecedented economic turbulence brought by Covid-19, the Financial Reporting Council (FRC) has urged in Developments in Audit 2020 today. The FRC’s Developments in Audit 2020 reports audit quality remained too inconsistent in the most

  • Anti-Fraud in Action: The Fraud Risk Landscape of COVID-19

    November 9, 2020 Published: The CAQ The CAQ’s Julie Bell Lindsay, Executive Director, interviews Grant Thornton’s CEO, Brad Preber, to explore the impact of COVID-19 on fraud. Watch this webisode to learn about emerging fraud and cyber risks, the CAREs Act, different types of fraud schemes, and how members of the financial reporting supply chain

  • Fraud and Emerging Tech: Cybercrime on the Rise during COVID-19

    Fraud and Emerging Tech: Cybercrime on the Rise during COVID-19

    November 9, 2020 Published: The CAQ Despite numerous other challenges faced by companies during one of the most disruptive times in recent decades, cybersecurity remains top of mind for businesses as they respond to the COVID-19 pandemic. This post, part of an emerging technology series from the Anti-Fraud Collaboration, examines the implications of cybercrime during

  • PCAOB Posts Resource for Audit Committees Regarding New Requirements Related to Estimates and Specialists

    PCAOB Posts Resource for Audit Committees Regarding New Requirements Related to Estimates and Specialists

    November 12, 2020 Published: PCAOB The PCAOB released a resource for audit committees on our new requirements related to auditing accounting estimates, including fair value measurements, and using the work of specialists. The requirements will take effect for audits of financial statements for fiscal years ending on or after December 15, 2020. To help audit

  • IPSASB delays upcoming Standards

    November 9, 2020 Published: The Accountant The International Public Sector Accounting Standards Board (IPSASB) has delayed the effective dates of a number of standards and amendments by one year to 1 January 2023, due to the challenges and disruption caused by the Covid-19 pandemic. IPSASB chair Ian Carruthers said: “The COVID-19 pandemic has created significant

  • FRC Statement on Non-Financial Reporting Frameworks

    November 10, 2020Published: FRCClimate change is one of the defining issues of our time and, by its nature, material to companies’ long-term success. Boards have a responsibility to consider their impact on the environment and the likely consequences of any business decisions in the long-term. Our 2020 review of climate-related considerations in corporate reporting and auditing found that boards and

  • IFRS Foundation Aims for Coherence, Not Complexity

    November 6, 2020 Published: SASB As someone who started my career as a technical accountant and today leads a global sustainability accounting organization, I have been immersed in the world of financial reporting longer than I care to admit. In my view, the IFRS Foundation’s Consultation Paper on Sustainability Reporting is the most significant development in accounting

  • ESG Factors gather pace in Company Reporting

    November 5, 2020 Published: International Accounting Bulletin Environmental, social and governance (ESG) factors continue to grow in prominence in annual reports, according to new research by Deloitte Deloitte’s Annual Report Insights, which analysed 50 year-end reports across the FTSE 350, found that over three quarters (78%) set out a clear purpose beyond making profit for

  • SMEs: What’s next?

    October 16, 2020 Published: Accountancy Europe In this episode we speak with the digital expert of the Accountancy Europe SME team, Martin de Bie. Martin talks to us about the digital transition of small and medium-sized enterprises (SMEs) and how going digital is the best chance for SMEs to stay competitive in a modern economy.

  • ASB proposal addresses auditing of fair value estimates of financial instruments

    November 4, 2020 Published: Journal of Accountancy The AICPA Auditing Standards Board (ASB) proposed a standard Wednesday that would provide practitioners with more guidance on auditing management’s estimates of the fair value of financial instruments, including on the use of pricing services. Proposed Statement on Auditing Standards (SAS), Amendments to AU-C Sections 501, 540, and 620 Related to

  • Business Continuity and Cybersecurity Lead Risks in a COVID-Disrupted Year

    November 2, 2020 Published: The Institute of Internal Auditors (IIA) Second-annual OnRisk report reveals pandemic’s lasting impact on organizations Unprecedented challenges brought by the COVID-19 pandemic as well as expanding reliance on technology and data collection are driving business continuity/crisis management and cybersecurity as top-rated risks, according to a new report from The Institute of Internal

  • Accountants Supporting Sustainable Recovery

    Accountants Supporting Sustainable Recovery

    November 2, 2020 Published: IFAC Especially in the context of the current pandemic, there is enormous potential for accountants to make a difference. This is one of the key messages coming out of the September 2020 meeting of the Professional Accountants in Business Advisory Group. The leaders who presented at the meeting all showed how

  • Accountancy Skills Evolution: Impact of COVID-19 & the Path Forward

    Accountancy Skills Evolution: Impact of COVID-19 & the Path Forward

    November 4, 2020 Published: IFAC Crises inevitably demand difficult decisions be made, yet the preferred conditions for making such decisions—time to deliberate, a clear sense of focus—are in short supply. Countless small business owners, CEOs, government leaders and more confronted this reality in 2020. For many of them, professional accountants were there as trusted advisors

  • FRC publishes major local audit inspection results

    30 October 2020 Published: FRC The Financial Reporting Council (FRC) has today published its inspection findings into the quality of major local audits in England for the financial year ended 31 March 2019. This is the first such report published by the FRC. Of the 271 major local audits in the FRC’s inspection scope, the FRC reviewed 15

  • IOSCO recommendations aim to help develop emerging capital markets

    October 30, 2020 Published: IOSCO The IOSCO Growth and Emerging Markets Committee (GEMC) today published a report examining the challenges and opportunities that Emerging Markets jurisdictions (EMs) face when developing their capital markets as key drivers of economic growth and financial resilience and inclusion. The report makes five key recommendations that EMs should consider when

  • Reporting on the new Corporate Governance Code is a mixed picture

    November 26, 2020 Published: FRC The revised UK Corporate Governance Code provides an opportunity for companies to report to their stakeholders in a way that allows them to communicate high-quality information about the way in which their governance functions to deliver a company’s purpose and strategy. Although some companies have embraced the opportunities the revised

  • Presentación “El rol del regulador en una industria financiera en evolución: Banca Abierta”

    Presentación “El rol del regulador en una industria financiera en evolución: Banca Abierta”

    – Luis Figueroa 20 de octubre de 2020 Publicado por la CMF Descargar aquí

  • How 2020 has changed corporate board work

    October 12, 2020 Published: Journal of Accountancy Corporate board work may have changed forever as a result of COVID-19. The lessons corporate directors take away from the pandemic will be critical to company survival and success beyond 2020. Paula Loop, CPA, the leader of PwC’s Governance Insights Center, explains in this podcast episode how boards

  • Cybersecurity provides opportunities for auditors to serve

    October 27,2020 Published: Journal of Accountancy Cybersecurity challenges require a response from every sector of the economy. Public company auditors can do their part by providing services to clients beyond the financial statements, according to a Center for Audit Quality (CAQ) report published Tuesday. Auditing standards require financial statement auditors to obtain an understanding of how the

  • Applying IFRS Standards in 2020—impact of covid-19

    Applying IFRS Standards in 2020—impact of covid-19

    October 28, 2020 Published: IFRSovid-19 Mary Tokar, a member of the International Accounting Standards Board, and Technical Staff Member Sid Kumar provide an overview of the key financial reporting considerations that may be on the minds of preparers, auditors, investors and regulators as they tackle the complexities associated with covid-19. It draws on views shared

  • ACCA: COVID-19 poses new Ethical Challenges for accountants

    October 26, 2020 Published: The Accountant The Association of Chartered Certified Accountants (ACCA), has launched a white paper, Ethics in a Covid-19 world, which explores the role of ethics against the backdrop of the pandemic. The paper revealed that one in five respondents had directly or indirectly, via a work colleague, encountered a situation where ethics

  • The Role of Auditors in Company-Prepared Cybersecurity Information: Present and Future

    The Role of Auditors in Company-Prepared Cybersecurity Information: Present and Future

    October 27, 2020 Published: The CAQ In December 2019, the Center for Audit Quality (CAQ) developed and issued a publication, The Role of Auditors in Company-Prepared Information: Present and Future, which provides a foundational understanding of the current role of auditors in various types of company-prepared and publicly disclosed information and discusses how auditors are positioned to

  • With New Standards in Place, Proactive Quality Management Will Underpin the Next Era of Audit Transformation

    October 23, 2020 Published: IAASB By: Tom Seidenstein, Chair, International Auditing and Assurance Standards Board Last year, as a non-auditor, I joined the International Auditing and Assurance Standards Board (IAASB) with a firm conviction in the value of the audit profession. At its best, the audit profession should drive greater confidence and trust in our

  • Consultation on revised auditing standard for the auditor’s responsibilities relating to fraud

    October 20, 2020 Published: FRC The Financial Reporting Council (FRC) has tody launched a consultation on the proposed revision of its UK auditing standard ISA (UK) 240 (Updated January 2020) – The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements. ISAs (UK) are based on the underlying ISAs issued by the International Auditing

  • Accounting Today: Studies question need for auditor rotation

    October 7, 2020 Published: American Accounting Association By: Michael Cohn, editor-in-chief of AccountingToday.com A pair of academic studies casts doubt on the value of mandatory rotation of auditing firms and lead engagement partners. The Public Company Accounting Oversight Board has come out firmly against proposals for mandatory audit firm rotation in the U.S., especially after

  • Interpretations Committee podcast

    October 5, 2020 Published: IFRS IFRS Interpretations Committee Chair and Vice-Chair of the Board Sue Lloyd joins Technical Staff member Patrina Buchanan to talk about Board and Committee activities to support consistent application during the third quarter of 2020. They cover Board and Committee projects on sale and leaseback transactions, and discuss the IBOR amendments

  • FASB proposes 3 targeted lease accounting changes

    October 20, 2020 Published: Journal of Accountancy FASB issued a proposal Tuesday that is designed to improve three targeted areas of its lease accounting guidance. The proposed amendments are designed to represent FASB’s commitment to take timely action based on what the board learns during its post-implementation review process of major standards, FASB Chair Richard Jones said

  • HLB expands its global reach to Chile

    October 19, 2020 Published: International Accounting Bulletin HLB expands its global reach as it welcomes HLB Surlatina Chile as its newest firm in Chile The firm – established in 1971 and previously Grant Thornton Chile – is one of the country’s leading professional services firms with expertise in audit, tax, outsourcing, IT & process consulting,

  • SEC aims to reduce unnecessary auditor independence red flags

    October 16, 2020 Published: Journal of Accountancy The SEC adopted amendments Friday that are designed to prevent the triggering of technical auditor independence rules violations in situations that don’t necessarily impair an auditor’s judgment or impartiality. The changes are designed to prevent auditors, their clients, and audit committees from spending time, attention, and other resources considering relationships

  • Internal Audit: Do Your Part and #BeCyberSmart

    October 11, 2020 Published: Internal Auditor By: Richard Chambers Cybersecurity remains one of the top and most vexing risks facing organizations large and small. Even as many in the global community face existential challenges from the COVID-19 pandemic, the ever-evolving risk of cyberattacks continues to find new ways to challenge controls and processes. And it only

  • IPSASB Welcomes B20 Policy Recommendations, including Focus on Public Sector Integrity

    October 09, 2020 Published: IPSASB The International Public Sector Accounting Standards Board has welcomed the B20 Policy Recommendations to the G20, published earlier this week. The report includes 22 policy recommendations to the G20 identified by the global business community to support healthy economies and build back better from the COVID-19 pandemic. “The global economy is in

  • CAQ at the American Accounting Association’s Annual Meeting in August 2020

    October 9, 2020 Published: The CAQ At the American Accounting Association’s Annual Meeting in August 2020, the CAQ organized two panel sessions – one on the impact that COVID-19 has had on accounting and auditing since March of 2020, and the other on how universities and faculty can leverage a documentary to highlight the opportunities

  • Global Ethics Board elevates importance of Accountants’ Societal Role and Strengthens Mindset Expectations

    October 05, 2020 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) today released revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to better promote the role and mindset expected of all professional accountants. The revisions explicitly recognize that the accountancy profession is entrusted with public confidence in the wide-ranging

  • Progress on the road to a European Climate Law

    October 9, 2020 Published: Climate Disclosure Standards Board (CDSB) The plenary session of the European Parliament has confirmed this week that it is willing to support an ambitious 60% emission reduction target for 2030 as part of the European Climate Law. The decision was made by a narrow margin in European Parliament and negotiations with

  • Audit committee cybersecurity disclosures rising in proxy statements

    October 12, 2020 Published: Journal of Accountancy Public company audit committees continue to increase the level of their disclosures around cybersecurity in proxy statements, according to a yearly analysis performed by Audit Analytics in cooperation with the Center for Audit Quality (CAQ). The biggest increase in audit committee disclosures involved cybersecurity, according to the 2020 Audit

  • 2020 Audit Committee Transparency Barometer

    2020 Audit Committee Transparency Barometer

    2020 Audit Committee Transparency Barometer October 2020 Published: The CAQ In our seventh year of analyzing disclosures of audit committee oversight in proxy statements of companies in the S&P Composite 1500 (S&P 1500), the 2020 Barometer shows encouraging long-term trends across topics such as Audit Firm Evaluation and Supervision. We also see positive trends in

  • Accountants & the fight against financial crime (Part 2)

    October 2, 2020 Published: Accountancy Europe In Part 2 of our conversation with the Chair of Accountancy Europe’s anti-money laundering (AML) working party, Angela Foyle, we discuss the role of accountants in the fight against financial crime. Angela discusses the public responsibility of accountants in fighting AML, the need for a multidisciplinary supervisor to regulate

  • Europe’s Internal Auditors Are Already Identifying the Risks for 2021

    October 4, 2020 Published: Internal Auditor As we enter the fourth quarter of a historically difficult and disruptive year, internal audit leaders around the world are looking to next year with some degree of trepidation. If the COVID-19 pandemic has taught us anything, it is that new risks can emerge at lightning speed and have

  • Reminder: IAASB Auditor Reporting Post- Implementation Review Stakeholder Survey Closes October 23

    October 06, 2020 Published: IAASB The International Auditing and Assurance Standard Board (IAASB) invites interested stakeholders to complete an online survey sharing their experience with, and providing feedback relating to, the Auditor Reporting Standards that were issued in 2015. The Survey also asks for input on your experiences with ISA 720 (Revised), The Auditor’s Responsibilities relating

  • Covid-19 disruption forces UK companies to embrace virtual Annual General Meeting (AGM)

    October 6, 2020 Published: FRC Disruption caused by the Covid-19 pandemic has forced UK companies to radically change their approach to holding physical AGMs and embrace hybrid and virtual AGMs. However, it is paramount any longer lasting changes uphold the rights of shareholders according to a new review by the Financial Reporting Council (FRC).   The FRC’s

  • ‘Direct examination’ engagement created by SSAE No. 21

    September 30, 2020 Published: Journal of Accountancy Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard published Wednesday by the AICPA Auditing Standards Board (ASB). Statement on Standards for Attestation Engagements (SSAE) No. 21, Direct Examination Engagements, gives a practitioner the ability to measure or evaluate underlying

  • The Role of Auditors in Non-GAAP Financial Measures and Key Performance Indicators: Present and Future

    The Role of Auditors in Non-GAAP Financial Measures and Key Performance Indicators: Present and Future

    September 29, 2020 Published: The CAQ Introduction Investors and other users of financial information are increasingly consuming information outside of the audited financial statements to inform capital allocation and other decisions. In December 2019, the Center for Audit Quality (CAQ) released a publication, The Role of Auditors in Company Prepared Information: Present and Future, that

  • Commission unveils first-ever rule of law report: coronavirus emergency measures must respect EU’s fundamental principles and values

    September 30, 2020 Published: European Commission   The Commission presented its first EU-wide Rule of Law Report, a new preventive tool at the heart of the new European Rule of Law Mechanism. The Report, developed in close dialogue with all 27 Member States and stakeholders, covers four main pillars of the rule of law in the EU: national justice,

  • The EU & the fight against financial crime (Part 1)

    September 18, 2020 Published: Accountancy Europe Accountancy Europe’s podcast Because People Count is back! With the European Commission President citing anti-money laundering (AML) as a priority in her state of the union letter of intent, we delve into the fight against financial crime with Angela Foyle, Chair of Accountancy Europe’s AML working party. The first

  • CDSB welcomes WEF report on common metrics

    September 24, 2020 Published: Climate Disclosure Standards Board (CDSB) The World Economic Forum’s report on common metrics and consistent reporting is written in partnership with Deloitte, EY, KPMG and PwC. The last two weeks have demonstrated a clear alignment from institutions and investors globally on the need for a comprehensive approach to climate-related reporting.   CDSB was born

  • What COVID-19 has taught corporate boards

    September 30, 2020 Published: Journal of Accountancy In previous years, work as a corporate director generally was predictable. Board members could count on an approximate number of meetings, oversight topics that generally remained the same, and business conversations inside and outside of the boardroom. Everything changed in March, when the COVID-19 pandemic disrupted business and

  • How auditors can enhance the reliability of non-GAAP reporting

    September 29, 2020 Published: Journal of Accountancy Engaging external auditors to perform procedures outside the financial statement audit related to non-GAAP financial measures or key performance indicators (KPIs) can raise public confidence in this information, according to a Center for Audit Quality (CAQ) report issued Tuesday. In an audit of the financial statements, auditors generally

  • SEC Proposes Rules to Extend Regulations ATS and SCI to Treasuries and Other Government Securities Markets

    September 28, 2020 Published. SEC Proposed Rules Would Enhance Operational Transparency and System Integrity for Government Securities Alternative Trading Systems; Agency Also Issues a Concept Release on Electronic Fixed Income Trading Platforms The Securities and Exchange Commission today announced a proposal to enhance the operational transparency, system integrity, and regulatory oversight for alternative trading systems

  • With New Standards in Place, Proactive Quality Management Will Underpin the Next Era of Audit Transformation

    September 23, 2020 Published: IAASB By: Tom Seidenstein, IAASB Chair Last year, as a non-auditor, I joined the International Auditing and Assurance Standards Board (IAASB) with a firm conviction in the value of the audit profession. At its best, the audit profession should drive greater confidence and trust in our economy and the functioning of

  • Enhancing Corporate Reporting: The Way Forward

    Enhancing Corporate Reporting: The Way Forward

    September 11, 2020 Published: IFAC IFAC calls for a new Sustainability Standards Board alongside the IASB The time for a global solution is now—to answer the demand from investors, policymakers and other stakeholders for a reporting system that delivers consistent, comparable, reliable, and assurable information relevant to enterprise value creation, sustainable development and evolving expectations.

  • Comisión para el Mercado Financiero presenta su Plan Estratégico 2022

    Comisión para el Mercado Financiero presenta su Plan Estratégico 2022

    Septiembre 7, 2020 La Comisión para el Mercado Financiero (CMF) presenta su Plan Estratégico 2022, que contempla la ejecución de 32 iniciativas en los ámbitos de regulación, supervisión prudencial y de conducta de mercado, procedimiento sancionatorio y desarrollo institucional. El PE 2022 se enmarca en el mandato legal de la Comisión de velar por el correcto

  • FRC requires improvements in the reporting of revenue and leases in company reports

    September 24, 2020 Published: FRC Ahead of the next reporting cycle for financial statements, the Financial Reporting Council (FRC) has today published two reviews into the reporting of revenue and leases identifying a number of critical areas where companies need to improve their reporting.    These reviews covered current reporting on IFRS 15 Revenue from Contracts with

  • OECD Interim Economic Outlook: Living with Uncertainty

    September 16, 2020 By: Laurence Boone, OECD Chief Economist Ver Video.

  • IOSCO issues measures to reduce conflict of interests in debt capital raising

    September 21, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published final guidance to help its members address potential conflicts of interest and associated conduct risks market intermediaries may face during the debt capital raising process. The guidance also seeks to address some specific concerns observed by certain regulators

  • Corporate governance in COVID-19: Cybersecurity and technology considerations

    September 18, 2020 Published: Journal of Accountancy By Audrey Katcher, CPA/CITP, CGMA Cybersecurity oversight is a key fiduciary responsibility for a board of directors and was a significant concern for companies even before the COVID-19 pandemic forced so many organizations to suddenly shift to remote work. Data breaches and other cyber threats pose significant competitive,

  • FASB approves accounting updates to presentation and disclosures by not-for-profit entities for contributed nonfinancial assets

    September 17, 2020 Published: FASB The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve transparency in the reporting of contributed nonfinancial assets, also known as gifts-in-kind, for not-for-profit organizations. Examples of contributed nonfinancial assets include fixed assets such as land, buildings, and equipment; the use of fixed assets

  • Internal Audit, COVID-19 Risks, and the Year Ahead

    September 13, 2020 Published: Internal Auditor Readers of my blog know that, in recent years, I have constantly emphasized the importance of internal auditors anticipating future risks for our organizations. As I observed in a 2018 blog post: As a profession, internal auditors have cultivated a long and respected legacy as purveyors of hindsight. Almost all of

  • IAASB seeks feedback on Fraud, Going Concern in Financial Statement Audits

    September 15, 2020 Published: IAASB The International Auditing and Assurance Standards Board (IAASB) today opened a public consultation, Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit. The consultation will remain open until January 12,

  • Consistency sought in sustainability, corporate reporting through global effort

    September 11, 2020 Published: Journal of Accountancy The movement toward a unified global approach to sustainability accounting standards and comprehensive corporate reporting took a step forward Friday with the support of leading global organizations. The International Federation of Accountants (IFAC) called for the creation of a new sustainability accounting standards board that would exist alongside the International

  • SEC Modernizes Disclosures for Banking Registrants

    September 11, 2020 Published: SEC Modernization of Statistical Disclosures for Bank and Savings and Loan Registrants The Securities and Exchange Commission today adopted updates to statistical disclosures for bank and savings and loan registrants.  The rules update the disclosures that investors receive and eliminate disclosures that overlap with Commission rules, U.S. GAAP or IFRS.  The

  • Presentación “El rol de la CMF en la gestión de riesgos operacionales y ciberseguridad: Caso Banco Estado” – Joaquín Cortez

    Presentación “El rol de la CMF en la gestión de riesgos operacionales y ciberseguridad: Caso Banco Estado” – Joaquín Cortez

    Septiembre 9, 2020 Publicado por la CMF descargar aquí o en la imágen

  • IIA Releases ‘Auditor Independence in Times of Crisis’

    September 9, 2020 Published: The Institute of Internal Auditors (IIA) Understanding COVID-19’s impact on internal audit is crucial to remaining relevant, demonstrating value, and focusing on issues most important to the organization. Key for internal auditors is to maintain an objective mindset, keep the board/audit committee informed, and help the organization learn and improve. The

  • Back to school in the Covid-19 era with OECD’s Andreas Schleicher

    September 2, 2020 Published: OECD Back to school? Or not back to school? That is the question…. In the first half of 2020, 188 countries temporarily closedtheir schools to slow down the spread of the Covid-19 virus. Suddenly, morethan 1.5 billion young people were on their own or following classes online.Many school re-openings since then

  • Call for Participants in new Lab project: reporting on risks, uncertainties and scenarios

    10 September 2020 Published: FRC The FRC’s Financial Reporting Lab is inviting investors and companies to participate in a new project on corporate disclosures on risks, uncertainties and scenarios.   The context for the project Investors and other stakeholders are increasingly looking for information from companies about how they will evolve, adapt and respond to changes in

  • Small and medium-sized accounting practices (SMPs) are a powerful force for public and social good.

    September 8, 2020 Published: The Association of Chartered Certified Accountants (ACCA) In their support for the small and medium-sized enterprise (SME) sector (that represents about 90% of businesses and more than 50% of employment worldwide according to the World Bank) they are helping this vital part of the economy operate more effectively, powering economic growth,

  • What COVID-19 made clear: corporate governance needs to focus on the right risks

    September 8, 2020 Published: Accountancy Europe By Olivier Boutellis-Taft This is the second blog of our COVID-19 sustainable recovery series. Read our first blog 4 steps to a sustainable recovery from COVID-19 to find out what our CEO, Olivier Boutellis-Taft, envisages a sustainable recovery to look like. Is corporate governance just a set of rules that we

  • More flexibility for agreed-upon procedures

    September 1, 2020 Published: Journal of Accountancy   SSAE No. 19 makes changes to standards that may enhance practitioners’ ability to provide value to report users. Agreed-upon procedures provide practitioners with an important opportunity to use their skills and training to help clients with engagements that differ from both audits and consulting engagements. A carefully constructed agreed-upon procedures engagement

  • AICPA teams with GRI, SASB on sustainability assurance

    September 3, 2020 Published: AccountingToday The American Institute of CPAs has received an increasing number of questions on sustainability assurance engagements and has joined forces with the Global Reporting Initiative on a document to answer some of those questions, while continuing to work with other standard-setters in the environmental, social and governance reporting space. The

  • Voices: Professional skepticism: A critical element of the COVID-era audit

    September 3, 2020 Published: Accounting Today By: Bob Dohrer, Chief auditor, American Institute of CPAs The ways we work, communicate and connect have greatly evolved thanks to innovations that make it possible for organizations to operate in a more efficient and rapid manner. COVID-19 has pushed more organizations to adopt technology, presenting new challenges for

  • Cybersecurity Advisory. Where Did Our Data Go?

    July 22, 2020 Published: Go Beyond Disruption In the second of our new monthly Cybersecurity Advisory series, host Jerry Ravi of EisnerAmper LLP is joined by Daimon Geopfert of RSM, and Audrey Katcher of Rubin Brown LLP. They discuss data security and resilience, risk, and regulatory compliance in a changing data environment. These monthly advisories explore

  • New Illustrative Examples for ISA 540 (Revised) Implementation: Expected Credit Losses

    August 31, 2020 Published: IFAC The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group today published illustrative examples for auditing expected credit loss (ECL) accounting estimates. The examples illustrate how an auditor could address certain requirements of ISA 540 (Revised). They were developed to assist the auditor in understanding how ISA 540 (Revised) may

  • Audit Analytics: Transparency Reports across Europe

    August 26, 2020 Published: International Accounting Bulletin More than six months have passed since the Brydon Review announced its recommendation to create a more transparent audit profession. In the wake of recent scandals involving companies such as Thomas Cook and Patisserie Valerie, these changes may be long overdue. While audit firms are already investing significant

  • IASB completes response to IBOR reform with amendments to IFRS Standards

    August 27, 2020 Published: IFRS The International Accounting Standards Board (Board) has finalised its response to the ongoing reform of inter-bank offered rates (IBOR) and other interest rate benchmarks by issuing a package of amendments to IFRS Standards. The amendments are aimed at helping companies to provide investors with useful information about the effects of

  • SEC changes disclosure rules, redefines ‘accredited investors’

    August 26, 2020 Published: Journal of Accountancy The SEC voted Wednesday to change certain public company disclosures and make more investors eligible to participate in private capital markets as accredited investors. Public company disclosures of the description of business (Item 101), legal proceedings (Item 103), and risk factors (Item 105) will change after the SEC adopted amendments to

  • The rise of cybercrime in the accounting profession continues

    August 24, 2020 Published: AccountingToday The July 15 tax filing deadline is finally behind you. Now is the perfect time to address the growing number of cyberattacks still taking place in the accounting industry. Many accounting practices are reporting that IT vendors and employers rushed to provide access for remote employees without fully understanding how

  • Pandemic-related legal risks that you can’t afford to ignore

    July 20, 2020 Published: Journal of Accountancy Hosted by Neil Amato These days, it’s tough to know the best next steps for organizations that are reopening to customers or employees — or considering doing so. Lee Terry, who practices corporate and securities law for the Denver firm Davis Graham & Stubbs, has advised organizations and

  • Súper ricos: ¿se trata realmente de un impuesto de 2,5%?

    Súper ricos: ¿se trata realmente de un impuesto de 2,5%?

    FELIPE ESPINA SOCIO LÍDER DEL ÁREA DE TRIBUTACIÓN INTERNACIONAL DE EY CHILE El Diario Financiero Resulta interesante plantearse la pregunta del título frente a la moción parlamentaria de reforma constitucional que propone establecer un impuesto transitorio de 2,5%, aplicable a personas que detenten un patrimonio igual o superior a US$ 22 millones. Considerando un retorno

  • Climate-Related Disclosure is a Catalyst for Stronger Business Performance

    August 18, 2020 Published: Sustainability Accounting Standards Board (SASB) The following guest blog about sustainable business was written by Peggy Smyth, CFO at National Grid, US, and FSA Credential holder. The needs of both our customers and our investors are rapidly changing. They are more socially aware than ever and want to work with companies that

  • SEC Proposes Data Security Enhancements to the CAT NMS Plan

    August 21, 2020 Published: SEC The Securities and Exchange Commission today proposed amendments to the national market system plan governing the Consolidated Audit Trail (the “CAT NMS Plan”) to bolster the Consolidated Audit Trail’s (“CAT”) data security.  While the CAT NMS Plan currently sets forth a number of requirements regarding the security and confidentiality of

  • What is the due process and why does it matter?

    August 21, 2020 Published: IFRS The IFRS Foundation was established to develop a set of high-quality, understandable, enforceable and globally accepted accounting standards—IFRS Standards—and to promote and facilitate their adoption. These Standards bring transparency, efficiency and accountability to the world’s financial markets. How do we ensure that the Standards are of the highest possible quality?

  • Video interview tips for forensic accountants and auditors

    August 21, 2020 Published: Journal of Accountancy By Charles L. McGimsey, CPA/CFF, and Natalie S. Lewis, CPA/CFF Social distancing practices implemented to slow the spread of COVID-19 have required the use of remote interviews in many situations, including forensic accounting investigations and financial audits. Given the importance of being able to evaluate nonverbal cues and

  • Audit in Action during COVID-19

    August 17, 2020 Published: The Caq COVID-19 has impacted all of us on a human level, whether by loss or fear or profound change. That’s why the Center for Audit Quality’s Executive Director Julie Bell Lindsay has been so impressed by the public company auditing profession – auditors haven’t skipped a beat. The profession quickly

  • SMP Pacesetters Embracing Technology

    August 6, 2020 Published: IFAC In many countries Small and Medium Sized Enterprises (SMEs) are the growth engine of the economy.  In the dynamic world in which we live the needs of this sector in terms of business planning and supporting growth are increasingly served by the digitalized Small and Medium Sized accountancy practice –

  • FRC statement on Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions)

     August 18, 2020 Published: FRC The Financial Reporting Council (FRC) has today confirmed it will not pursue regulatory action where issuers take advantage of the provisions contained in the Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions) before adoption by the EU. IFRS 16 Leases contains accounting requirements for changes in lease payments, including

  • Auditors show resilience during pandemic, CAQ’s Lindsay says

    August 17, 2020 Published: Journal of Accountancy Public company auditors have responded quickly and effectively to the coronavirus pandemic to help preserve the public’s critically important confidence in capital markets. That’s the conclusion drawn by Center for Audit Quality (CAQ) Executive Director Julie Bell Lindsay, who said in a telephone interview that auditors have used

  • FASB addresses valuation of private company share-based awards

    August 17, 2020 Published: Journal of Accountancy FASB issued a proposal Monday that is designed to make it easier for private companies to determine the fair value of a share-option award on its grant date or modification date. The proposal was introduced by the Private Company Council (PCC), which identified determining the fair value in these circumstances

  • Review of the IFRS for SMEs Standard—what does alignment mean?

    August 14, 2020 Published: IFRS The International Accounting Standards Board (Board) published a Request for Information as part of the second comprehensive review of the IFRS for SMEs Standard. The objective of the Request for Information is to seek views on whether and how aligning the IFRS for SMEs Standard with the full IFRS Standards could better serve users of financial

  • IOSCO examines the evolution of liquidity provision in equity securities markets

    August 11, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published a report that explores how liquidity provision has evolved in equity securities markets in recent years. The report, titled Liquidity Provision in the Secondary Markets for Equity Securities, identifies some of the key elements of market making programs that

  • 6 new business realities in the pandemic era

    August 13, 2020 Published: Journal of Accountancy Hosted by Neil Amato The changes brought about and accelerated by the COVID-19 pandemic are numerous. Our day-to-day lives have been altered, forcing rapid adaptation. A new report from the Association of International Certified Professional Accountants and EY Seren, explores the patterns of behavior emerging from this uncertain

  • Anti-Fraud in Action: Balancing Big Data and Data Ethics During COVID-19

    August 4, 2020 Published: The Caq The CAQ’s Margot Cella, Vice President, Research and Anti-Fraud Initiatives, interviews Azlo’s Senior Director of Compliance and Internal Control, Dana Lawrence, to explore the pervasiveness of big data and its data ethics and governance implications during the COVID-19 crisis.

  • Digitization and the global pandemic

    August 10, 2020 Published: ACCA This report examines the impact of COVID-19 in areas that relate to the digitisation agenda of organisations. This is an evolving picture and the perspectives draw upon first-hand accounts from professionals around the world, using ACCA’s framework for recovery. ACCA’s report, COVID-19 Global Survey: The Road to Recovery? sets out a three

  • COVID-19 pandemic reinforces benefits of outsourced accounting

    August 11, 2020 Published: AccountingToday By: Gregg Genovese It’s no secret that the rapid outbreak of COVID-19 throughout the world has had a drastic impact on the economy and overall business environment within the U.S. For many businesses, small and large, the measures taken to help stem the spread of the pandemic have led to shifting

  • 5 Things Internal Audit Must Tell the Audit Committee Now!

    August 3, 2020 Published: Internal Auditor By:Richard Chambers As we continue to navigate the treacherous risk landscape that includes an ongoing global pandemic, much is being said and written about whether internal auditors are stepping up for their organizations. I am certain we are contributing value during this time, but I also know it may

  • “Si el plebiscito se realiza de forma inclusiva y constructiva, no debería tener efecto negativo en la percepción empresarial”

    “Si el plebiscito se realiza de forma inclusiva y constructiva, no debería tener efecto negativo en la percepción empresarial”

    MACARENA NAVARRETE, SOCIA PRINCIPAL DE EY El Diario Financiero Una vez superada la actual crisis sanitaria, podrían asomarse nuevamente riesgos sociopolíticos como es el caso de un desarrollo conflictivo del plebiscito de octubre o de un eventual estallido social 2.0. Sobre los posibles efectos de estos factores en las expectativas y estrategias empresariales, se refirió

  • 4 steps to a sustainable recovery from Covid-19

    August 6, 2020 Published. Accountancy Europe By Olivier Boutellis-Taft The economy is in a bad shape. Our ecosystems and climate are in an even worse shape. During the global lockdowns we saw a massive drop in carbon emissions, but I fear that we will go back to normal, or perhaps even worse once the pandemic has

  • SEC Proposes to Improve the Retail Investor Experience through Modernized Fund Shareholder Reports and Disclosures

    August. 5, 2020 Published: SEC Amendments would update and tailor mutual fund and exchange-traded fund disclosures to retail investors’ needs The Securities and Exchange Commission today proposed comprehensive modifications to the mutual fund and exchange-traded fund disclosure framework to better serve the needs of retail investors. The proposed disclosure framework would feature concise and visually

  • Profession in Focus: Non-GAAP and COVID-19

    July 22, 2020 Published: The Caq On this edition of Profession in Focus, the CAQ’s Dennis McGowan, Senior Director, Professional Practice, sits down with Todd Castagno, Executive Director, Research, Morgan Stanley and Steven Jacobs, Partner, Americas Director, SEC Regulatory Matters and Capital Markets, EY to discuss non-GAAP considerations in the COVID-19 environment and share related

  • FASB simplifies accounting for convertible instruments, contracts in own equity

    August 5, 2020 Published: Journal of Accountancy FASB issued a new standard Wednesday that is designed to simplify financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The board reduced the number of accounting models for convertible debt instruments and convertible preferred stock. This will result in fewer embedded conversion features being

  • Evaluating blockchain and internal control through a COSO lens

    August 4, 2020 Published: Journal of Accountancy Blockchain technology can be used to improve risk management and create better controls for organizations, according to a new paper released Tuesday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO is a voluntary private-sector organization that seeks to improve organizational performance and governance through

  • Blockchain and Internal Control: The COSO Perspective

    Blockchain and Internal Control: The COSO Perspective

    August 4, 2020 Published: COSO As blockchain becomes mainstream, it is appropriate to focus on how this technology intersects with an entity’s internal control. With careful implementation and integration, the distinctive capabilities of blockchain can be leveraged to create more robust controls for organizations. Blockchain-enhanced tools also have the potential to promote operational efficiency and

  • ACCA: Governments must take balance sheet approach to managing finances through Covid-19 crisis

    July 31, 2020 Published: The Accountant Government spending has rocketed over the last few months in order to mitigate some of the consequences of the Covid-19 pandemic, with the IMF calculating spending to be $9 trillion. The Association of Chartered Certified Accountants, the World Bank, and the International Federation of Accountants (IFAC) have expressed concern

  • FRC resolves record number of cases through constructive engagement

    31 July 2020 Published: FRC The Financial Reporting Council (FRC) has today published its second Annual Enforcement Review (AER). The report highlights driving audit quality improvements through securing cultural change by those responsible as a key priority for the Division with a greater use of constructive engagement and the wider deployment of tailored non-financial sanctions in cases

  • Applying the Code´s Conceptual Framework in Covid-19 Circumstances: Scenarios in Taxation and Valuation Services

    Applying the Code´s Conceptual Framework in Covid-19 Circumstances: Scenarios in Taxation and Valuation Services

    July 31, 2020 Published: IESBA This publication was developed by the Staff of the Australian Accounting Professional & Ethical Standards Board (APESB) under the auspices of a Working Group formed by the International Ethics Standards Board for Accountants (IESBA) and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK and the

  • Webinar Series: Practical Audit Quality Considerations

    Webinar Series: Practical Audit Quality Considerations

    Webinar 3 – Auditor Reporting in the Pandemic Environment & Looking Ahead: Summary of Key Takeaways July 28, 2020 Published: IFAC The focus on auditor’s reports has increased in the current environment as investors and other users of financial statements seek greater transparency from entities around the impacts of Covid-19 in the financial statements, as

  • PCAOB Posts Conversations with Audit Committee Chairs: COVID-19 and the Audit

    PCAOB Posts Conversations with Audit Committee Chairs: COVID-19 and the Audit

    July 31, 2020 Published: PCAOB As part of the Public Company Accounting Oversight Board’s (PCAOB) strategic goal of enhancing transparency and accessibility through proactive stakeholder engagement, the Board has committed to engaging more directly and more often with audit committees. In 2019, we reached out to nearly 400 audit committee chairs of U.S. issuers whose audits we

  • IAASB Auditor Reporting Post-Implementation Review: Stakeholder Survey

    Jul 27, 2020 Published: IAASB The International Auditing and Assurance Standard Board (IAASB) invites interested stakeholders to complete an online survey sharing their experience with, and providing feedback relating to, the Auditor Reporting Standards that were issued in 2015. The Survey also asks for input on your experiences with ISA 720 (Revised), The Auditor’s Responsibilities relating

  • Anti-fraud in Action: Insights from the SEC Coronavirus Steering Committee

    July 24, 2020 Published: The CAQ The CAQ’s Margot Cella, Vice President, Research and Anti-Fraud Initiatives, has a conversation with the SEC Division of Enforcement’s Associate Director, Carolyn Welshhans, to discuss the priorities of the SEC Coronavirus Steering Committee, how the Committee is responding to fraud during COVID-19, and insights into emerging fraud risks as

  • SEC Announces Creation of the Event and Emerging Risk Examination Team in the Office of Compliance Inspections and Examinations and the Appointment of Adam D. Storch as Associate Director

    July 28, 2020 Published: SEC The Securities and Exchange Commission today announced the creation of the Event and Emerging Risks Examination Team (EERT) in the Office of Compliance Inspections and Examinations (OCIE). The EERT will proactively engage with financial firms about emerging threats and current market events and quickly mobilize to provide expertise and resources to

  • GASB requests input on proposals to improve key components of Government Financial Reports

    July 24, 2020 Published: GASB The Governmental Accounting Standards Board (GASB) today issued for public feedback a proposed Statement that is designed to improve to key components of the blueprint for state and local government annual financial reports.   The Exposure Draft, Financial Reporting Model Improvements, proposes improvements that are designed to: ·         Enhance the effectiveness of financial reports

  • Understanding the Roots in Internal Audit’s Response to COVID-19

    July 27, 2020 Published: Internal Auditor By: Richard Chambers To say the effects of COVID-19 have been significant for organizations large and small is to state the obvious. Each day brings fresh insights about control weaknesses, costly failures, and new risks exposed by the pandemic and its many related affronts. It is also obvious by now

  • Understanding Cybersecurity and the External Audit in the COVID–19 Environment

    Understanding Cybersecurity and the External Audit in the COVID–19 Environment

    July 24, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for auditors, audit committees, investors and management of public companies. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from, COVID-19. COVID-19 continues to impact public company financial statements in different ways

  • FRC proposes amendments to UK accounting standards

    23 July 2020 Published: FRC The FRC has, today, issued two Exposure Drafts proposing amendments to UK and Ireland accounting standards. Both reflect topical issues. FRED 75 Draft amendments to FRS 104 – Going concern proposes to: a.    clarify the requirement to assess the going concern basis of accounting; and b.    require the disclosure of any related material uncertainties, when

  • ¿Impuesto o confiscación?

    ¿Impuesto o confiscación?

    El Diario Financiero FRANCISCO SELAMÉ SOCIO DE PWC CHILE Señora Directora: La Cámara de Diputados se encuentra analizando un nuevo proyecto de reforma constitucional, uno que introduce en una sola disposición transitoria un llamado impuesto al patrimonio. Si así se aprobara, nuestros legisladores nos sorprenderían ahora con el impuesto más breve de la historia. Pero

  • Profession in Focus: Going Concern and COVID-19

    July 16, 2020 Published: The CAQ On this edition of Profession in Focus, the CAQ’s Yuri Zwick, Professional Practice Fellow, sits down with Jackie Daylor, National Managing Partner of Audit Quality and Professional Practice at KPMG and Rich Davisson Assurance Partner and Director at RSM, to discuss going concern considerations in the COVID-19 environment and

  • IFAC Calls on the G20 to Stay Focused on the Future in the Global COVID-19 Response

    July 21, 2020 Published: IFAC The challenges raised by COVID-19 are unprecedented in the modern era; so too have been the responses from G20 governments. The short-term focus on the pandemic has been rightfully all encompassing. At the same time, we must not allow the immediate needs of the recovery to derail progress on other

  • Webinar Series: Practical Audit Quality Considerations

    Webinar Series: Practical Audit Quality Considerations

    Webinar 2 – Performing the Audit in the Pandemic Environment: Recording & Summary of Key Takeaways July 22, 2020 Published: IFAC The pandemic environment has led to measures such as social distancing which have changed the way that auditors and their clients perform their work. The environment is also significantly changing the economic realities for

  • Webinar Series: Practical Audit Quality Considerations

    Webinar Series: Practical Audit Quality Considerations

    Webinar 1 – Planning the Audit in the Pandemic Environment: Recording & Summary of Key Takeaways July 15, 2020 Published: IFAC The COVID-19 pandemic has far reaching implications, with many people still comprehending and adjusting both personally and professionally. For the audit profession, the increased complexities of financial statement reporting and related risks and uncertainties,

  • High-quality disclosures needed to reflect impact of Covid-19

    July 21, 2020 Published: FRC The Financial Reporting Council (FRC) has completed its first thematic review of company reporting since the onset of Covid-19 pandemic.   The review found that although companies provided sufficient information to enable a user to understand the impact Covid-19 had on their performance, position and future prospects, some – particularly interim reports – would

  • FRC publishes annual report following transformative year

    17 July 2020 Published: FRC The Financial Reporting Council (FRC) today publishes its annual report, setting out significant progress to implement the recommendations for change of the FRC itself and in the activities it regulates. Under new leadership with a mandate to transform into the Audit, Reporting, Governance Authority (ARGA), the FRC has brought forward many of the

  • The 10 elements of financial statements, according to FASB

    July 16, 2020 Published: Journal of Accountancy FASB issued a proposed new chapter to its Conceptual Framework on Thursday that defines 10 elements of financial statements and seeks feedback from stakeholders. The proposed chapter is titled Concepts Statement No. 8, Conceptual Framework for Financial Reporting: Chapter 4, Elements of Financial Statements. In the proposal, the 10 elements of financial statements

  • Auditor Reporting – COVID-19 Considerations

    Auditor Reporting – COVID-19 Considerations

    July 14, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for auditors, audit committees, investors and management of public companies. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from, COVID-19. COVID-19 continues to impact public company financial statements in different ways

  • COVID-19 Demands Audit Committee Effectiveness: 6 Recommendations

    July 13, 2020 Published: Internal Auditor By: Richard Chambers The challenges to business and society created by the biggest health crisis in a century have been manifold. Each day brings a new twist in how the COVID-19 pandemic impacts our safety, interactions, business, politics, and security. Yet, this relentless scourge may offer one significant benefit:

  • International Audit and Ethics Standards Boards Embrace Conclusion of Monitoring Group Review and Renewal of Commitment to Global Standards

    July 14, 2020 Published: IFAC The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) today welcomed the Monitoring Group’s recently released Paper: Strengthening the International Audit and Ethics Standard-Setting System, aimed at enhancing governance arrangements of the two standard-setting boards.  The enhancements reflected in the Monitoring Group’s Paper will

  • How the new audit evidence standard can improve audit quality

    July 14, 2020 Published: Journal of Accountancy Hosted by Neil Amato The new principles-based standard on audit evidence, issued last week by the AICPA Auditing Standards Board, addresses issues such as emerging technology, professional skepticism, and expanding sources of information. Jay Brodish, CPA, a partner at PwC, and Bob Dohrer, CPA, CGMA, the chief auditor of the

  • Promoting Clarity and Compatibility in the Sustainability Landscape.

    GRI and SASB announce collaboration July 12, 2020 Published: Sustainability Accounting Standards Board (SASB) Amid rising global demand for clarity in the sustainability reporting ecosystem, the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI) are pleased to announce a collaborative workplan. SASB and GRI understand that the sustainability disclosure landscape can appear complicated.

  • Accounting estimates and disclosures addressed in new auditing standard

    July 10, 2020 Published: Journal of Accountancy By Ken Tysiac In a new standard issued Friday, the AICPA Auditing Standards Board provides requirements and guidance to auditors for auditing accounting estimates, which often is one of the most challenging areas a practitioner faces during an engagement. Statement on Auditing Standards (SAS) No. 143, Auditing Accounting Estimates

  • FRC strengthens auditing standard ISA 315

    July 9, 2020 Published: FRC The Financial Reporting Council (FRC) has today issued a revision of its standard for the identification and assessment of risks of material misstatement in an audit of financial statements. The revised standard (ISA (UK) 315 (Revised – July 2020) – Identifying and Assessing the Risks of Material Misstatement) adopts the revisions

  • Managing Fraud Risk: an ECI IMPACT Conference Panel

    July 1, 2020 Published: The Caq How can public companies mitigate fraud risk in times of uncertainty? The CAQ’s Margot Cella joins Holly Tucker, Partner at Deloitte Financial Advisory Services for a panel discussion at the 2020 ECI IMPACT Conference.

  • Organizations’ Audit Committees Must Rise To the Challenges of the ‘New Normal’

    July 8, 2020 Published: The Institute of Internal Auditors (IIA) IIA, IFAC Issue Joint Call to Action for Addressing Risks More Comprehensively As organizations confront the immediate and longer-term implications of COVID-19, The Institute of Internal Auditors (IIA) and the International Federation of Accountants (IFAC) today issued a call to action for audit committees to ensure

  • A 6-point security checkup for working from everywhere

    July 7, 2020 Published: Journal of Accountancy By Audrey Katcher, CPA/CITP, CGMA No one has ever seen a year like 2020. These are unprecedented times for all of us — individuals, families, and organizations alike. As we continue adapting to the changing conditions, it is important for organizations to review the actions they have taken

  • FRC principles for operational separation of audit practices

    July 6, 2020 Published: FRC Today the FRC has announced its principles for operational separation of the audit practices of the Big Four firms. The objectives of operational separation, which is world leading, are to ensure that audit practices are focused above all on delivery of high-quality audits in the public interest, and do not rely on persistent

  • CIMA: UK Government should concentrate on Four Key Areas for Covid-19 Recovery

    July 2, 2020  Published: The Accountant  The Chartered Institute of Management Accountants (CIMA) has published a set of recommendations designed to support the UK Government in helping the country recover from the Covid-19 pandemic. CIMA has called on the UK Government to concentrate on four key areas: Providing businesses and consumers with confidence to invest

  • Audit firms implement ‘additional measures’ to enhance their evaluation of going concern assessments

    July 2, 2020 Published: FRC Audit firms have introduced a range of additional measures to enhance their evaluation of companies’ going concern assessments, since the start of the Covid-19 emergency, according to a review initiated and undertaken by the Financial Reporting Council (FRC). The FRC’s review covered the going concern policies and procedures of the seven largest

  • Auditors can play key role in ESG information assurance

    July 1, 2020 Published: Journal of Accountancy The increasing attention paid to company disclosures on environmental, social, and governance (ESG) information in the current environment means auditors have a growing role to play related to these disclosures. A new Center for Audit Quality (CAQ) report, The Role of Auditors in Company-Prepared ESG Information: Present and Future, addresses

  • Profession in Focus: Audit Committee Considerations During COVID-19

    June 19, 2020 Published: The CAQ On this edition of Profession in Focus, the CAQ’s Vanessa Teitelbaum, Senior Director, Professional Practice, sits down with Brian Anderson, Corporate Director and CAQ Governing Board Member and Amy Rojik, Assurance Partner and Director at BDO’s Corporate Governance and Financial Reporting, to uncover what audit committee members should be focused

  • New Report Reveals How Auditors Enhance The Reliability of Company-Reported ESG Information

    New Report Reveals How Auditors Enhance The Reliability of Company-Reported ESG Information

    July 1, 2020 Published: The CAQ As investors increasingly make decisions based on company-reported environmental, social, and governance (ESG) information, audit firms can enhance the reliability of this reporting, according to the Center for Audit Quality (CAQ). In a new report, The Role of Auditors in Company-Prepared ESG Information: Present and Future, the CAQ outlines how investors

  • Combinations of businesses under common control—one size does not fit all

    June 29, 2020 Published: IFRS The International Accounting Standards Board (Board) is carrying out a research project to consider filling a gap in IFRS Standards by improving the comparability and transparency of reporting on combinations of businesses under common control. IFRS 3 Business Combinations covers how to account for mergers and acquisitions between unrelated parties but it

  • IOSCO publishes Good Practices on processes for deference

    June 26, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published a series of eleven good practices on processes for deference to assist regulatory authorities in mitigating the risk of unintended, regulatory-driven market fragmentation and to strengthen international cooperation. Wholesale securities and derivatives markets are global in nature and

  • IAASB Publishes COVID-19 Related Guidance on Auditing Accounting Estimates and Related Disclosures

    IAASB Publishes COVID-19 Related Guidance on Auditing Accounting Estimates and Related Disclosures

    June 26, 2020 Published: IAASB Today the IAASB released COVID-19 pandemic-related guidance on auditing accounting estimates and related disclosures. This guidance may help auditors in the current uncertain and evolving environment. http://aechile.cl/wp-content/uploads/2020/06/IAASB-Staff-Alert-Auditing-Accounting-Estimates-final.pdf Descargar aquí: https://www.iaasb.org/news-events/2020-06/iaasb-publishes-covid-19-related-guidance-auditing-accounting-estimates-and-related-disclosures

  • Statement on the Continued Importance of High-Quality Financial Reporting for Investors in Light of COVID-19

    June 23, 2020 Published: SEC By: Sagar Teotia, Chief Accountant On April 3, 2020, the Office of the Chief Accountant (OCA) issued a statement regarding the importance of high-quality financial reporting in light of the significant impacts of COVID-19. At that time, in addition to facing a number of operational and other challenges, many public

  • Anti-Fraud in Action: A Focus on Ethical Culture and Diversity During Crisis

    June 19, 2020 Published: The CAQ Margot Cella, Vice President, Research and Anti-Fraud Initiatives at the CAQ sits down with Stephen Rivera, Vice President, Global Technical Accounting Advisory Services & Policy at Johnson & Johnson on this episode of Anti-Fraud in Action, to discuss ethical culture and diversity during a crisis. https://www.thecaq.org/anti-fraud-in-action-a-focus-on-ethical-culture-and-diversity-during-crisis/

  • New Internal Audit Foundation Report Challenges Internal Auditor Functions to Be Value Drivers

    June 24, 2020 Published: The Institute of Internal Auditors This new Internal Audit Foundation report, based on the findings of a global survey and in-depth interviews with world-class internal audit functions, addresses the question, “What is the added value of internal auditing?” It suggests concrete pointers on how to define and measure added value, and

  • SEC staff guidance addresses pandemic-related disclosures

    June 23, 2020 Published: Journal of Accountancy Public companies need to carefully consider their obligations in disclosing the coronavirus pandemic’s effect on their operations, liquidity, and capital resources, according to staff guidance issued Tuesday by the SEC Division of Corporation Finance. The division is monitoring how companies are disclosing the effects and risks related to the pandemic

  • How do multidisciplinary teams contribute to audit quality?

    How do multidisciplinary teams contribute to audit quality?

    June 24, 2020 Published: Accountancy Europe High-quality audits contribute to the extent to which we can trust financial information. As stakeholders demand more and more diverse corporate information, companies use experts, beyond accounting, for reporting this. Likewise, auditors depend on other experts, scientists, engineers, actuaries, to supplement their skills to provide the highest quality audit

  • Understanding the Auditing Requirements for Accounting Estimates and the Use of Specialists

    Understanding the Auditing Requirements for Accounting Estimates and the Use of Specialists

    June 22, 2020 Published: The CAQ Public companies are increasingly using complex accounting estimates in their financial statements and relying on specialists with new expertise to make those estimates. High-quality auditing coupled with the use of specialists promotes trust in capital markets by presenting a clearer picture of companies’ current and future financial outlooks. The

  • 4 key COVID-19 audit risks for 2020 year ends

    June 5, 2020 Published: Journal of Accountancy By Bob Dohrer, CPA, CGMA, and Carl Mayes, CPA Many auditors have begun to turn their sights to their next group of audits: clients with 2020 fiscal year ends. The World Health Organization declared a public health emergency on Jan. 30, 2020, meaning many of these clients will

  • Focus on the Auditor’s Risk Assessment

    Focus on the Auditor’s Risk Assessment

    June 8, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for public companies, auditors, and audit committees. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of the US’s response to, and recovery from, COVID-19. This resource

  • Policy measures to avoid corruption and bribery in the COVID-19 response and recovery

    Policy measures to avoid corruption and bribery in the COVID-19 response and recovery

    May 26, 2020 Published: OECD The  coronavirus  (COVID-19)  crisis  has  brought  about  unprecedented  challenges  of  human  suffering, uncertainty and major economic disruption on a global scale. This can create environments that are ripe for corruption and bribery. For this reason, state and private sector responses to this crisis should include mechanisms for preventing, detecting and

  • Lease accounting effective date deferred for federal entities

    June 19, 2020 Published: Journal of Accountancy Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced Friday that it is delaying the standard’s effective date. FASAB issued Statement of Federal Financial Accounting Standards (SFFAS) 58, Deferral of the Effective Date of SFFAS 54, Leases.

  • Goodwill Impairment Considerations in the COVID-19 Environment

    Goodwill Impairment Considerations in the COVID-19 Environment

    June 19, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for auditors, audit committees, investors and management of public companies. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from,

  • Heading off Paycheck Protection Program fraud

    June 19, 2020 Published: Journal of Accountancy By Kelly Hinchcliffe Accountants can play a role in making sure the money set aside to help small business goes to the right places. As the federal government distributes $659 billion in forgivable loans to small businesses as part of the Paycheck Protection Program (PPP), it’s important that

  • Europe and the coronavirus crisis: what’s next?

    June 12, 2020 Published: Accountancy Europe An update from the front line Our fourth coronavirus bonus episode looks at how a post Covid-19 Europe might look like in an interview with Eleni Kanelli, Head of Advocacy at Accountancy Europe. Eleni discusses with us her predictions for Europe following the recent EU recovery plan announcement and

  • 17 strategic questions to answer before reopening

    June 17, 2020 Published: Journal of Accountancy By Anita Dennis With regulations being relaxed in many states, organizations are turning their attention to how and whether to reopen their offices. Though health and safety questions are top of mind for many, strategic issues are also important to consider. In the midst of all the damage it has

  • Accountancy Europe leads the non-financial reporting debate

    June 17, 2020 Published: Accountancy Europe Accountancy Europe releases 3 publications to shape the debate on non-financial information (NFI) reporting. Accountants have the skills and knowledge to lead this discussion. Based on their expertise, Accountancy Europe urges more reliable EU NFI reporting, offers a view on NFI assurance, and progresses the debate on a global NFI standard setter. In our response to the

  • Impairment of assets in the context of COVID-19

    June 12, 2020 ICAEW’s Financial Reporting Faculty considers accounting requirements relating to the impairment of assets in the context of the COVID-19 pandemic in their latest short webcast. Under both UK and international accounting standards, the principle exists that assets should be stated at no more than their recoverable amount in an entity’s balance sheet,

  • Setting up for high-quality non-financial information assurance in Europe

    Setting up for high-quality non-financial information assurance in Europe

    June 12, 2020 Published: accountancy Europe Non-financial information (NFI) is vital for companies and stakeholders to make sound business decisions. It makes environmental, social and governance impacts transparent to support moving to more sustainable economies. As the importance of NFI is growing, stakeholders also need to know if the information can be trusted. Independent, external assurance enhances the reported NFI’s reliability, strengthens confidence in markets and contributes to the global sustainable finance objectives.

  • FASB addresses insurance, convertible instruments, gifts-in-kind

    June 10, 2020 Published: Journal of Accountancy By Ken Tysiac FASB voted Wednesday to propose delaying the effective date of its standard on long-duration insurance contracts by one year and to approve two new standards. The board will issue Accounting Standards Updates (ASUs) on: Improving convertible instruments and contracts in an entity’s own equity. Not-for-profit

  • New Auditing Documentary Premieres

    May 2020 Published: The CAQ The CAQ is supporting a new documentary, premiering June 5 on public television, about three young adults who discover how people of all backgrounds and passions forge their own career paths through the auditing profession. The CAQ’s support for the Making It Balance documentary is part of the Discover Audit initiative, which seeks to

  • Global economy faces a tightrope walk to recovery

    June 10, 2020 Published: OECD The Covid-19 pandemic has triggered the most severe recession in nearly a century and is causing enormous damage to people’s health, jobs and well-being, according to the OECD’s latest Economic Outlook. As restrictions begin to ease, the path to economic recovery remains highly uncertain and vulnerable to a second wave of

  • AICPA recommends changes to e-signature requirements

    June 8, 2020 Published: Journal of Accountancy By Sally P. Schreiber, J.D. The AICPA Tax Executive Committee (TEC) has sent the IRS a letter requesting the Service update and modernize its e-filing signature requirements in four areas in response to the COVD-19 pandemic but with the aim of adopting the changes permanently to make it easier for

  • Presentación “Divulgación de Criterios ESG – Importancia de Sistematizar Información con Perspectiva de Género” – Rosario Celedón

    Presentación “Divulgación de Criterios ESG – Importancia de Sistematizar Información con Perspectiva de Género” – Rosario Celedón

    9 de junio de 2020 Publicado por CMF Descarga directa desde la imágen: http://www.cmfchile.cl/portal/prensa/604/w3-article-29097.html

  • Reporting at the Speed of Risk: 4 Strategies for Success

    June 08, 2020 Published: Internal Auditor By: Richard Chambers News last week of improvement in the U.S. jobless situation brought a glimmer of hope that, perhaps, the very worst may be behind us. At least for now. But disruption continues to engulf our personal and professional lives, as the twin impacts of the coronavirus COVID-19

  • ISA 540 (Revised) Implementation: Illustrative Examples for Auditing Simple and Complex Accounting Estimates

    May 29, 2020 Published: IAASB The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared illustrative examples for auditing simple and complex accounting estimates. The attached examples are designed to illustrate how an auditor could address certain requirements of ISA 540 (Revised), and have been developed to assist the auditor in understanding

  • The IIA Releases New Practice Guide on Auditing Conduct Risk

    June 5, 2020 Published: The Institute of Internal Auditors Organizational culture ― and how an organization comports itself with regard to conduct ― drives how business is done. It also underlies the effectiveness of the control environment, which supports the achievement of an organization’s objectives. Poor culture and ineffective management of employee conduct has contributed

  • IFRS 9 and IFRS 7 for Investors—disclosures about Expected Credit Losses

    June 4, 2020 Published: IFRS In this webcast for investors, Sue Lloyd, Vice-Chair of the International Accounting Standards Board, and Sid Kumar, CFA, technical staff member responsible for investor engagement, outline the information that entities will provide about ECL in their financial statements and notes prepared using IFRS 9 Financial Instruments and IFRS 7 Financial

  • FASB offers limited effective date delays on revenue recognition and leases standards

    June 3, 2020 Published: FASB One-Year Delays Extended to Certain Companies and Organizations The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that grants a one-year effective date delay for certain companies and organizations applying the revenue recognition and leases guidance. Early application continues to be permitted. “The FASB issued the ASU

  • Risk Committee TORS published by the Chartered Governance Institute

    June 2, 2020 Published: The Accountant The Chartered Governance Institute has published new Terms of Reference for risk committees, which are intended as a guide for companies to adapt to their needs where the board decides it is necessary or desirable to have a separate risk committee Peter Swabey, Policy and Research Director at the Institute comments, “In recent years, the importance of

  • IOSCO encourages issuers’ fair disclosure about COVID-19 related impacts

    May 29, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today issued a public statement highlighting the importance to investors and other stakeholders of having timely and highquality information about the impact of COVID-19 on issuers´ operating performance, financial position and prospects. The pandemic and the uncertainty it has caused

  • A 5-step plan for adding new tech amid COVID-19

    June 1, 2020 Published: Journal of Accountancy By Amy Vetter, CPA/CITP, CGMA The coronavirus pandemic has changed the blueprint for seeking, choosing, and implementing The COVID-19 crisis has altered everyone’s lives, changing the way we do business now and for the foreseeable future. These changes have made technology even more important. With remote work now a necessity

  • CIMA launches free business recovery toolkit

    May 27, 2020 Published: The Accountant The Chartered Institute of Management Accountants (CIMA) has launched Reimagine business resilience in the Covid-19 World, a free resource to help organisations navigate the short- and long-term ramifications of the Covid-19 pandemic. The guide has drawn on the experience of CIMA members in business and finance, and the toolkit provides

  • The technology — and human — lessons of COVID-19

    May 22, 2020 Published: Journal of Accountancy The ninth annual JofA technology roundtable podcast was initially recorded in early March, just before the coronavirus pandemic started wreaking havoc on American lives and the economy. With the world at a dramatically different place than when we first recorded, the roundtable participants agreed to hold another call May 6

  • COSO provides new guidance on risk appetite

    May 26, 2020 Published: Journal of Accountancy Risk appetite plays an important role in organizational success and should be considered carefully by leaders as they make strategic decisions. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published new guidance on risk appetite focusing on how organizations can promote risk appetite as a key factor

  • Implications of the COVID-19 outbreak on the half-yearly financial reports

    May 20, 2020 Published: European Securities and Markets Authority ESMA is issuing this Statement in order to promote transparency and consistent application of European requirements for the information provided in the half-yearly financial reports under the current circumstances related to the COVID-19 outbreak. ESMA acknowledges that the COVID-19 outbreak has posed significant challenges to business

  • PCAOB Posts Spotlight on Audits Involving Cryptoassets

    PCAOB Posts Spotlight on Audits Involving Cryptoassets

    May 26, 2020 Published: PCAOB PCAOB posted a Spotlight on Audits Involving Cryptoassets – Information for Auditors and Audit Committees. A key objective in the Board’s Strategic Plan is to monitor the development and implementation of emerging technologies to analyze their implications for the quality of audit services. PCAOB staff has observed that cryptoassets, including

  • New COSO Guidance: Risk Appetite – Critical to Success

    New COSO Guidance: Risk Appetite – Critical to Success

    May 20, 2020 Published: COSO In an effort to help boards, executives, and managers recognize how a better understanding and communication of risk appetite will help their organizations succeed, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) is releasing new guidance, “Risk Appetite–Critical to Success,” focusing on how organizations can promote risk appetite

  • Corona crisis: lessons for a more sustainable future

    May 26, 2020 Published: Accountancy Europe The COVID-19 crisis has shocked us all. While the outbreak’s origins are still being discussed, the health emergency and the resulting global economic crisis show that countries have to be better prepared. This new crisis does not happen in isolation; it emphasises the ongoing ones, such as on climate, inequality, and demographics.

  • Small businesses urged to stress test their finances

    May 22, 2020 Published: International Accounting Bulletin As ONS data reveals just under a quarter of all businesses are unsure about their cash position, Purbeck Insurance Services is urging small businesses impacted by COVID-19, to stress test their finances.   Purbeck has also launched a free online guide to the support packages and measures SMEs can consider

  • IAASB releases COVID-19 related Guidance for Auditor Reporting

    IAASB releases COVID-19 related Guidance for Auditor Reporting

    May 22, 2020 Published: IAASB The IAASB released COVID-19 Pandemic-related guidance for auditors to consider when issuing an auditor’s report on the completion of the audit of financial statements. Descargar PDF AQUÍ http://www.iaasb.org/news-events/2020-05/iaasb-releases-covid-19-related-guidance-auditor-reporting

  • Fostering a culture of openness around mental Health?

    May 22, 2020 Published: International Accounting Bulletin Author: Zoya Malik  For Mental Health Awareness Week, Naomi Thompson, Head of Organisational Development at Benenden Health, provides insight into how employers can create a culture of openness around mental health. As the COVID-19 crisis puts a strain on the nation’s mental health, employers must ensure they have

  • SEC Adopts Amendments to Improve Financial Disclosures about Acquisitions and Dispositions of Businesses

    May 21, 2020 Published: SEC The Securities and Exchange Commission today announced that it has voted to adopt amendments to its rules and forms to improve for investors the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure. The amendments will update

  • Attracting young people to public accounting

    May 18, 2020 Published: Journal of Accountancy A strategic imperative for making public accounting a welcoming profession for young people can help a firm secure its future, according to Johanna Sweaney Salt, CPA, CGMA, a partner at Gray, Salt & Associates LLP in Claremont, Calif. https://www.journalofaccountancy.com/videos/attract-young-people-to-public-accounting.html

  • Tips for audit committees during the pandemic

    May 18, 2020 Published: Journal of Accountancy Audit committees have a critical role to play for companies in a business environment that has been severely disrupted by the coronavirus pandemic. In addition to their fiduciary responsibilities for overseeing the external auditor and financial statements, audit committees can contribute valuable oversight duties in areas such as

  • Presentación “Medidas y análisis de la Comisión para el Mercado Financiero ante la contingencia del COVID 19 en Chile”

    Presentación “Medidas y análisis de la Comisión para el Mercado Financiero ante la contingencia del COVID 19 en Chile”

    Joaquín Cortez 19 de mayo de 2020 Publicado por CMF   Descargar documento aquí

  • IAASB Publishes COVID-19 related Guidance on Audit Considerations for Subsequent Events

    IAASB Publishes COVID-19 related Guidance on Audit Considerations for Subsequent Events

    May 15, 2020 Published: IAASB IAASB released guidance on auditor considerations when undertaking procedures relating to subsequent events, in light of the changing environment due to the COVID-19 Pandemic. Descargar publicación: Aquí https://www.iaasb.org/news-events/2020-05/iaasb-publishes-covid-19-related-guidance-audit-considerations-subsequent-events

  • 90% of Anti-Fraud Professionals Have Seen an Increase in Consumer Scams Due to COVID-19

    April 26, 2020 Published: ACFE In a new survey conducted by the Association of Certified Fraud Examiners (ACFE) about the effect COVID-19 has on fraud, 90% of respondents reported that they have seen an increase in scams targeting consumers, with 51% believing the increase has been by a significant amount. Respondents reported seeing an immediate

  • Data Ethics and Governance with COVID-19 Considerations

    Data Ethics and Governance with COVID-19 Considerations

    May 12, 2020 Published: The Caq Data ethics and governance are key priorities for many companies collecting and using large amounts of data. In a recent report, the Institute of Internal Auditors (IIA), a founding partner organization in the Anti-Fraud Collaboration, explores the implications of data ethics and governance for mitigating fraud risk, protecting data

  • Voices: Coronavirus’s impact on Q1 reporting and financial closing

    May 13, 2020 Published: Accounting Today By Clancy Fossum, CEO, Embark The sky might not literally be falling, but it sure feels like it is. As the world grapples with the escalating impact of the coronavirus pandemic, a stark realization is now sweeping over accounting and finance teams — they’re the ones who have to figure out

  • Look Out for Coronavirus-Related Investment Scams – Investor Alert

    Feb. 4, 2020 Updated May 6, 2020 Published: SEC The SEC’s Office of Investor Education and Advocacy is issuing this Investor Alert to warn investors about investment frauds involving claims that a company’s products or services will be used to help stop the coronavirus outbreak. Fraudsters often use the latest news developments to lure investors

  • Webcast: Approach to the second comprehensive review

    May 14, 2020 Published: IFRS In this webcast, Michelle Sansom and Yousouf Hansye, both members of the IASB Technical Staff, look at how the Board approached the second comprehensive review. The Request for Information seeks views on whether and how to align the IFRS for SMEs Standard with full IFRS Standards. The webcast is the

  • Accountancy Europe supports new EU action against money laundering

    May 8, 2020 Published: Accountancy Europe Accountancy Europe supports increased action against money laundering in a smart and collaborative way. We encourage the European Commission’s Anti-Money Laundering (AML) Action Plan issued on 7 May 2020 as the first step towards legislative proposals expected in early-2021. We will contribute our feedback to the public consultation. With the ongoing coronavirus

  • Guidance for companies on Corporate Governance and Reporting (Including Interim Reports)

    May 12, 2020 Published: FRC Many companies are facing unprecedented uncertainty about their immediate prospects in an environment which may challenge or disrupt their usual management and governance processes. This uncertainty is likely to decrease over time as more information becomes available about COVID-19, the length and extent of social distancing restrictions in different countries,

  • PCAOB Posts Data and Technology Research Project Update Spotlight

    PCAOB Posts Data and Technology Research Project Update Spotlight

    May 12, 2020 Published: PCAOB Today the PCAOB posted an update on its Data and Technology Research Project. Advancements in technology are affecting the nature, timing, preparation, and use of financial information. In light of the increasing use of technology by auditors and preparers, the Board’s Strategic Plan highlights that we must anticipate and respond to these innovations

  • Auditing Accounting Estimates in the COVID-19 Environment

    Auditing Accounting Estimates in the COVID-19 Environment

    May 4, 2020 Published: The Caq The COVID-19 pandemic and the related market conditions create many new uncertainties for public companies, auditors, investors and audit committees. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from, COVID-19. The complexities of auditing accounting estimates already are well documented, and in an

  • Effective dates extended for 3 AICPA ethics interpretations

    May 6, 2020 Published: Journal of Accountancy The effective dates of three AICPA ethics interpretations will be extended by one year because of the coronavirus pandemic after a vote Tuesday by the AICPA Professional Ethics Executive Committee (PEEC). Firms have told the AICPA that regardless of when the pandemic is declared over or social-distancing restrictions

  • Commission steps up fight against money laundering and terrorist financing

    May 7, 2020 Published: European Commission The European Commission has today put forward a comprehensive approach to further strengthen the EU’s fight against money laundering and terrorist financing. The Commission has published an ambitious and multifaceted Action Plan, which sets out concrete measures that the Commission will take over the next 12 months to better

  • OECD Angel Gurría: ‘Covid-19 recession not the Great Depression’

    April 19, 2020 Published: BBC Andrew Marr spoke to the Secretary-General of the OECD Angel Gurría

  • IFAC offers plan for transforming practices amid coronavirus

    May 4, 2020 Published: Accounting Today The International Federation of Accountants has published a roadmap for transforming small and medium-sized accounting practices in the midst of the novel coronavirus pandemic and moving them into the future. IFAC’s ‘‘Practice Transformation Action Plan – A Roadmap to the Future’’ focuses on four main areas for firms: embrace

  • SEC Provides Temporary, Conditional Relief to Allow Small Businesses to Pursue Expedited Crowdfunding Offerings

    May 4, 2020 Published: SEC The Securities and Exchange Commission today announced that it is providing temporary, conditional relief for established smaller companies affected by COVID-19 that may look to meet their urgent funding needs through a Regulation Crowdfunding offering. Today’s actions, which follow suggestions made by members of the SEC’s Small Business Capital Formation Advisory

  • COVID-19 and going concern: increased risk of material uncertainties

    May 1, 2020 Published: ICAEW In these unprecedented times, the audit of going concern assessments and reporting on material uncertainty related to going concerns are key for auditors. The Audit and Assurance Faculty has produced two guides on the topic. The first guide covers the assessment of going concern and the second the reporting of

  • Coronavirus’ impact on auditing for 2019 year-ends and beyond Analysis of guidance for European auditors

    April 30, 2020 Published: Accountancy Europe Measures taken to contain the coronavirus affect us all. This publication focuses on how this impacts businesses and the people that audit them. It aims to support European auditors in adapting their work to new circumstances in ongoing audits with 2019 year-ends and beyond. To this end we have

  • FASB Issues Staff Q&A Document on Hedge Accounting during COVID-19 Pandemic

    April 28, 2020 Published: FASB The Financial Accounting Standards Board (FASB) staff today issued a question-and-answer document (Q&A) that responds to frequently asked questions about the disruptive effects of COVID-19 on cash flow hedge accounting. FASB Accounting Standards Codification® Topic 815, Derivatives and Hedging, provides guidance on when to discontinue cash flow hedge accounting and when and how

  • Perspectives from audit leaders on the impact of COVID-19 on SOX.

    April 27, 2020 Published: The IIA Continuing The Conversation: Interview with Tom O’Reilly from AuditBoard Para ver video haga click en el siguiente vínculo: https://www.theiia.org/sites/auditchannel/Pages/Videos.aspx?v=409032388

  • IAASB proposes modernization of Group Audits Standards in support of Audit Quality

    April 27, 2020 Published: IAASB The International Auditing and Assurance Standards Board (IAASB) today released the exposure draft of proposed International Standard on Auditing (ISA) 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)s. Proposed ISA 600 (Revised) deals with special considerations for audits of group financial statements (group audits). Group audits

  • Fraud Report Affirms Internal Audit’s Value at Critical Time

    April 27, 2020 Published: Internal Auditor By: Richard Chambers, president and CEO of The IIA Each year, the Association of Certified Fraud Examiners (ACFE) publishes a “Report to the Nations,” which shares results of its annual Global Fraud Survey. The findings reflect the significant role that internal audit plays, and the value it adds, in

  • NON-Authoritative support material: Audit documentation when using automated tools and techniques

    April 23, 2020 Published: IAASB The Technology Working Group (TWG) of the International Auditing and Assurance Standards Board (IAASB) published non-authoritative support material related to the auditor’s documentation when using automated tools and techniques (ATT), such as data analytics, robotics automation processes or artificial intelligence applications.  The publication assists auditors in understanding how the use

  • FASB proposes effective date delays on time-sensitive standards

    April 22, 2020 Published: The Accountant The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that would grant a one-year effective date delay for certain stakeholders applying leases and revenue recognition. The leases effective date deferral would be limited to private companies, private not-for-profit organisations, and public not-for-profit organisations that

  • Reporting and auditing during the coronavirus pandemic

    An update from the front line April 23, 2020 Published: Accountancy Europe In this special coronavirus episode, we talk to Hilde Blomme, Deputy CEO of Accountancy Europe. Hilde discusses the broader impacts that the pandemic is having on financial reporting and auditing. She notes the ways in which the reporting will need to adapt and

  • Modified Audit Opinions during Covid-19 crisis

    21 April 2020 Published: FRC FRC publishes further guidance on modified auditors’ opinions and reports during Covid 19 crisis. Modifications of Independent Auditor’s Opinions and Reports Two key objectives of any auditor are to obtain sufficient, appropriate audit evidence to support their audit opinion, and to then report their opinion on the financial statements based

  • ASB delays effective dates of SASs No. 134–140

    April 20, 2020 Published: Journal of Accountancy The effective dates of seven private company auditing standards were delayed for one year as the result of a vote Monday by the AICPA Auditing Standards Board (ASB). Delaying the effective dates of Statements on Auditing Standards (SASs) No. 134–140 provides relief to audit firms amid the challenges

  • COVID-19 Managing Fraud Risk, Culture, and Skepticism during Covid-19

    COVID-19 Managing Fraud Risk, Culture, and Skepticism during Covid-19

    April 20, 2020 Published: The CAQ The COVID-19 pandemic has resulted in unprecedented social and economic paralysis. Most companies have transitioned to an entirely remote workforce, and while existing technologies have facilitated connectivity via cloud computing and video and teleconferencing services, working in this new environment still poses numerous challenges. It is hard to predict

  • COVID-19 Going Concern: Management and Auditor Responsibilities

    COVID-19 Going Concern: Management and Auditor Responsibilities

    April 16, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for auditors, audit committees, investors and management of public companies. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from,

  • PCAOB Posts Request for Comment, Seeks Stakeholder Input on Critical Audit Matters

    April 17, 2020 Published: PCAOB The PCAOB today posted to its website a Request for Comment from the Office of Economic and Risk Analysis, which seeks input from audit firms, preparers, audit committees, investors, and other financial statement users to inform our interim analysis of the Critical Audit Matter (CAM) requirements. We are committed to

  • IAASB´s New Strategy and Work Plan focuses on increased agility, enhanced coordination, and a priority on responding to emerging challenges

    April 15, 2020 Published: IAASB Today, the International Auditing and Assurance Standards Board (IAASB) published its Strategy for 2020‒2023 (the Strategy) and Work Plan for 2020‒2021 (the Work Plan). The strategy, developed through extensive external consultation over two years, looks to build sustained trust in financial and other reporting through high-quality audits, assurance, and related services

  • Accountants helping SMEs during coronavirus An update from the front line

    April 9, 2020 Published: Accountancy Europe In this special coronavirus episode, we talk to Accountancy Europe’s President Florin Toma. He works at an SME accountancy firm and is on the front line, helping SMEs survive the coronavirus crisis. He discusses how SMEs can protect themselves in the face of the global pandemic and the relationship

  • Tips for auditing with changed controls during the pandemic

    April 13, 2020 Published: Journal of Accountancy By Bob Dohrer, CPA, CGMA, with Ken Tysiac The coronavirus pandemic has raised a number of questions about how to properly audit financial statements when internal controls have changed due to dramatic changes in an entity’s business volume and activities. The auditing standards (GAAS) require the auditor to

  • 10-Q Considerations during COVID-19

    April 13, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for public companies, auditors, and audit committees. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of the US’s response to, and recovery from, COVID-19. This resource

  • Application of IFRS 16 in the light of the covid-19 uncertainty

    April 10, 2020 Published: IFRS A document responding to questions regarding the application of IFRS 16 Leases to rent concessions granted as a result of the covid-19 pandemic has been published. The document is prepared for educational purposes, highlighting requirements within IFRS 16 and other IFRS Standards that are relevant for companies considering how to account for

  • Application of IFRS 16 in the light of the covid-19 uncertainty

    April 10, 2020 Published: IFRS A document responding to questions regarding the application of IFRS 16 Leases to rent concessions granted as a result of the covid-19 pandemic has been published. Access IFRS 16 and covid-19. The document is prepared for educational purposes, highlighting requirements within IFRS 16 and other IFRS Standards that are relevant for companies considering

  • CAQ COVID-19 Resource Key Auditor and Audit Committee Considerations

    CAQ COVID-19 Resource Key Auditor and Audit Committee Considerations

    April 8, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for public companies, auditors, and audit committees. As Securities and Exchange Commission (SEC) Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of the US’s response to, and recovery

  • FASB Issues Staff Q&A Document on Accounting for Leases during COVID-19 Pandemic

    April 10, 2020 Published: FASB The Financial Accounting Standards Board (FASB) staff today issued a question-and-answer document to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19 pandemic. Many lessors are, or will be, providing lease concessions to tenants impacted by the economic disruptions caused

  • Presentación “La Comisión para el Mercado Financiero ante Contingencia del Covid-19”

    Presentación “La Comisión para el Mercado Financiero ante Contingencia del Covid-19”

    Presentación “La Comisión para el Mercado Financiero ante Contingencia del Covid-19”  7 de abril de 2020 Publicado por la CMF http://aechile.cl/wp-content/uploads/2020/04/CMF-ante-Contingencia-del-Covid-19-1.pdf

  • COVID-19 Bulletin March 2020

    BULLETIN: GUIDANCE FOR AUDITORS AND MATTERS TO CONSIDER WHERE ENGAGEMENTS ARE AFFECTED BY CORONAVIRUS (COVID-19) (Now updated to include Gathering Evidence through Remote Means –  9th April 2020 ) April 9, 2020 Published: FRC This Bulletin is intended to provide guidance to auditors, carrying out audit engagements that may be affected by Covid-19. It is driven by

  • Global Economic Conditions Survey: Economic Confidence Collapses to Record Low

    April 7, 2020 Published: The Accountant Economic confidence in Q1 has collapsed to a record low, according to a report published by the Association of Chartered Certified Accountants (ACCA) and Institute of Management Accountants (IMA). The report, Global Economic Conditions Survey (GECS), which has been published annually since 2009, showed that global confidence fell to its lowest

  • How CPAs can fight fraud in the COVID-19 pandemic

    April 6, 2020 Published: Journal of Accountancy Coronavirus is an opportunity for fraudsters to take advantage of fear and confusion. Elizabeth Woodward, CPA/CFF, and Howard Silverstone, CPA/CFF, discuss how accountants can identify and prevent coronavirus-related fraud. What you’ll learn from this episode: Why fraud thrives in times of crisis. Several common fraud schemes that become

  • ASB to consider one-year deferral of effective dates

    April 6, 2020 Published: Journal of Accountancy The effective dates for seven recently issued generally accepted auditing standards may be deferred by one year when the AICPA Auditing Standards Board (ASB) holds a special open meeting from 2 to 4 p.m. on April 20 to discuss relief due to the coronavirus pandemic. At the meeting,

  • CIMA calls on UK Government to provide further support to SMES

    April 2, 2020 Published: The Accountant The Chartered Institute of Management Accountants (CIMA) has called on the UK Government to provide more support for UK SMEs as they continue to face the challenges presented by the Covid-19 pandemic. CIMA wrote to UK Chancellor Rishi Sunak suggesting the adoption and implementation of six additional measures to

  • Presentación “Basilea III. CMF publica en consulta norma con requisitos y condiciones mínimas que deberán cumplir los instrumentos híbridos emitidos por empresas bancarias para la constitución de patrimonio efectivo”

    Presentación “Basilea III. CMF publica en consulta norma con requisitos y condiciones mínimas que deberán cumplir los instrumentos híbridos emitidos por empresas bancarias para la constitución de patrimonio efectivo”

    3 de abril de 2020 Publicado por CMF Descargar aquí

  • Presentación “Basilea III. CMF publica en consulta la normativa que determina la relación entre el capital básico y los activos totales”

    Presentación “Basilea III. CMF publica en consulta la normativa que determina la relación entre el capital básico y los activos totales”

    3 de abril de 2020 Publicado por CMF Descargar: aquí

  • PCAOB Staff Provides Reminders for Audits Nearing Completion in Light of COVID-19

    April 2, 2020 Published: PCAOB The Public Company Accounting Oversight Board (PCAOB) today released a staff Spotlight document, COVID-19: Reminders for Audits Nearing Completion, to provide important reminders to auditors of issuers and broker-dealers for audits nearing completion. “The COVID-19 crisis is having a significant impact on investors, issuers, and auditors alike,” said Chairman William D. Duhnke

  • PCAOB Staff Provides Reminders for Audits Nearing Completion in Light of COVID-19

    PCAOB Staff Provides Reminders for Audits Nearing Completion in Light of COVID-19

    April 2, 2020 Published: PCAOB The Public Company Accounting Oversight Board (PCAOB) today released a staff Spotlight document, COVID-19: Reminders for Audits Nearing Completion, to provide important reminders to auditors of issuers and broker-dealers for audits nearing completion. “The COVID-19 crisis is having a significant impact on investors, issuers, and auditors alike,” said Chairman William D. Duhnke

  • Addressing pandemic-related audit challenges

    Addressing pandemic-related audit challenges

    April 1, 2020 Published: Journal of Accountancy The coronavirus pandemic has brought about challenges for auditors the likes of which many of them have never seen. Practitioners are working at home in unprecedented numbers as offices close and government leaders issue shelter-at-home orders. Desperate clients are trying to keep their businesses solvent, pay their employees,

  • The 2020s: A decade of change

    March 30, 2020 Published: Journal of Accountancy The next decade is expected to bring huge technological advancements and important demographic changes to the CPA profession as well as the business world. As they look forward to the next 10 years, firm leaders predict that to be successful, CPAs will need to: – Be willing to

  • Addressing pandemic-related audit challenges

    April 1, 2020 Published: Journal of Accountancy The coronavirus pandemic has brought about challenges for auditors the likes of which many of them have never seen. Practitioners are working at home in unprecedented numbers as offices close and government leaders issue shelter-at-home orders. Desperate clients are trying to keep their businesses solvent, pay their employees,

  • Enterprise risk management: More critical than ever

    April 1, 2020 Published: Journal of Accountancy By Neil Amato The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever. While no one could have predicted the nature, severity, or timing of the virus, it’s clear that organizations should include such risk scenarios in

  • Global Knowledge Brief, Data Ethics – Where does internal audit fit?

    March 30, 2020 Published: The Institute of Internal Auditors Learn why all parties must expand their knowledge as the regulatory environment around data ethics evolves The Institute of Internal Auditors released a new Global Knowledge Brief, “Data Ethics – Where does internal audit fit?” This brief explores organizational conduct and the potential associated reputational and

  • Guidance for Auditors during the Coronavirus Pandemic

    Guidance for Auditors during the Coronavirus Pandemic

    March 27, 2020 Published: IAASB The COVID-19 pandemic is a global health and humanitarian crisis. Beyond the significant challenges that lay ahead in all facets of life, the pandemic has the potential to significantly impact the way that audits are undertaken. Audits should continue to comply with the required standards, which may necessitate different and

  • Coronavirus and financial reporting: Report addresses key issues

    March 20, 2020 Published: Journal of Accountancy By Ken Tysiac As the coronavirus outbreak puts pressure on health care systems and wreaks havoc on businesses throughout the world, the duty of financial statement preparers and CPA practitioners remains the same. Regardless of the changing environment, preparers need to make sure the information their organizations present

  • COVID-19: 5 key steps for accountants to guide SMEs through the crisis

    March 27, 2020 Published: Accountancy Europe Accountants – many of whom are small practitioners themselves – are SMEs’ trusted advisors. The corona crisis is a critical time where SMEs need all the guidance they can get to navigate through the storm. We call on SME accountants and small accountancy practices to help struggling SMEs through

  • Application of IFRS 9 in the light of the coronavirus uncertainty

    March 27, 2020 Published: IFRS A document responding to questions regarding the application of IFRS 9 Financial Instruments during this period of enhanced economic uncertainty arising from the covid-19 pandemic has been published today. Access IFRS 9 and covid-19—accounting for expected credit losses. The document is prepared for educational purposes, highlighting requirements within the Standard that are relevant

  • Technological Resources: Using technology to enhance audit quality

    March 25, 2020 Published: FRC The Financial Reporting Council (FRC) has today issued a discussion paper on Technological Resources: Using technology to enhance audit quality. Building on the FRC’s recent thematic review, The use of technology in the audit of financial statements, the FRC is seeking further insight into the use of technology and its potential impact on

  • March 2020 IASB podcast available now

    March 24, 2020 Published: IFRS In this episode of our monthly IASB podcast, International Accounting Standards Board Vice-Chair Sue Lloyd talks through the projects discussed during the March 2020 Board meeting. Due to the coronavirus pandemic, this month’s meeting was held virtually and the agenda was reduced to three main topics: – IFRS 17 and the

  • ESMA Issues Guidance on Accounting Implications of COVID-19

    March 25, 2020 Published: European Securities and Markets Authority (ESMA) The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued a Public Statement on some accounting implications of the economic support and relief measures adopted by EU Member States in response to the COVID-19 outbreak.   The measures include moratoria on repayment of loans

  • Step change in use of technology to improve efficiency and quality of audits

    March 25, 2020 Published: FRC The use of automated tools for audit such as data analytics has grown dramatically in the last three years and if used appropriately can improve audit quality. A new report from the Financial Reporting Council (FRC) highlights that audit firms have invested considerably in the infrastructure required to efficiently capture, collate and

  • Coronavirus and financial reporting: Report addresses key issues

    March 20, 2020 Published: Journal of Accountancy By Ken Tysiac As the coronavirus outbreak puts pressure on health care systems and wreaks havoc on businesses throughout the world, the duty of financial statement preparers and CPA practitioners remains the same. Regardless of the changing environment, preparers need to make sure the information their organizations present

  • Regulators clear way for certain loan modifications amid pandemic

    March 22, 2020 Published: Journal of Accountancy By Kim Nilsen Borrowers concerned about meeting loan obligations amid the disruption caused by the coronavirus pandemic got some relief Sunday from a host of regulators who pledged jointly to clear the way for critical loan modifications. A statement issued by several federal and state banking regulators spelled

  • IAASB consults on Extended External Reporting (EER) Assurance

    March 13, 2020 Published: IAASB Organizations are increasingly reporting about their broader performance or impact (“Extended External Reporting” or “EER”) either voluntarily or as required by law or regulation, and there is a growing demand for assurance engagements on such reporting. In response, the International Auditing and Assurance Standards Board (IAASB) has developed for feedback

  • Debrief: Discussion Paper: Business Combinations—Disclosures, Goodwill and Impairment

    March 19, 2020 Published: IFRS In this video, Chair of the International Accounting Standards Board Hans Hoogervorst gives a short summary of the consultation document published by the IASB on 19 March 2020. The document sets out possible improvements to the information companies report about acquisitions of businesses to help investors assess how successful those

  • IASB decides on new effective date for IFRS 17 of 1 January 2023

    March 17, 2020 Published: IFRS The International Accounting Standards Board (Board) has completed its discussions on the amendments to IFRS 17 Insurance Contracts that were proposed for public consultation in June 2019. It has today decided that the effective date of the Standard will be deferred to annual reporting periods beginning on or after 1

  • How the coronavirus may affect financial reporting and auditing

    March 17, 2020 Published: Journal of Accountancy By Joseph Radigan The coronavirus pandemic has the potential to create significant changes for CPAs who prepare company financial statements — and for auditors as well. In the face of disruptions to global supply chains and other business activity, the SEC and the PCAOB in mid-February issued limited

  • AICPA proposes guidance on insurance accounting

    March 16, 2020 Published: Accounting Today The American Institute of CPAs’s Financial Reporting Committee released working drafts Monday of two pieces of implementation guidance for the Financial Accounting Standards Board’s long-duration insurance contracts standard. The AICPA’s FinREC group has been developing guidance to help companies in various industries deal with some of FASB’s new standards

  • FRC guidance for auditors arising from the coronavirus pandemic

    March 16, 2020 Published: FRC The Financial Reporting Council (FRC) has today issued updated guidance for auditors which may be facing practical difficulties in carrying out audits as a result of the COVID-19 pandemic (coronavirus). Uncertainty about the immediate outlook for many companies has increased sharply. This has consequences for companies proposing to report results in the coming

  • SEC Takes Targeted Action to Assist Funds and Advisers, Permits Virtual Board Meetings and Provides Conditional Relief from Certain Filing Procedures

    March 13, 2020 Published: SEC SEC Is Closely Monitoring the Impact of the Coronavirus on Investors, Funds, and Advisers The Securities and Exchange Commission today announced regulatory relief for funds and investment advisers whose operations may be affected by the coronavirus.  The relief provided today covers in-person board meetings and certain filing and delivery requirements for certain investment funds and investment advisers.  The impacts

  • Tecnología y vigilancia epidemiológica

    Tecnología y vigilancia epidemiológica

    ANTONIO MARTÍNEZ SENIOR MANAGER DE DELOITTE- El Diario Financiero Según la Organización Mundial de la Saludos, el brote de coronavirus chino ha alcanzado el nivel de pandemia, con más de 100 mil casos confirmados en 94 países y casi 3.500 muertos. Las Naciones Unidas cifran el impacto económico mundial en más de 50.000 millones de

  • How technology will change staffing needs

    March 2, 2020 Published: Journal of Accountancy With the growth in emerging technologies, CPA firms will start hiring business analysts and data scientists, explains Donny Shimamoto, CPA/CITP, CGMA, founder and managing director of Intraprise TechKnowlogies LLC. https://www.journalofaccountancy.com/videos/technology-will-change-cpa-staffing-needs.html

  • SEC exempts certain companies from ICFR attestation requirement

    March 12, 2020 Published: Journal of Accountancy Smaller reporting companies with less than $100 million in revenue will no longer be required to obtain a separate attestation of their internal control over financial reporting (ICFR) from an outside auditor under amendments adopted Thursday by the SEC. Under the amendments, these companies will continue to be required to

  • Call to action in response to climate change

    March 6, 2020 Published: Accountancy Europe Accountancy Europe has been calling for the shift to a sustainable economy for many years. Our work in this area includes, contributing to the sustainable finance agenda, exploring green taxes, ending greenwashing with better non-financial reporting and shifting to sustainable corporate governance. We are pleased to join our voice

  • AU-C 800 series amended to conform with auditor reporting standard

    March 10, 2020 Published: Journal of Accountancy A new standard issued Tuesday by the AICPA Auditing Standards Board (ASB) is designed to align the AU-C 800 series in AICPA Professional Standards with the new standard on auditor reporting. Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, was

  • Assessing Corporate Culture: a proactive approach to deter misconduct

    Assessing Corporate Culture: a proactive approach to deter misconduct

    March 10, 2020 Published: The Caq When a corporate scandal occurs and stakeholders seek reasons and root causes, the trail often leads back to problems with the organization’s culture. But what if an organization could get ahead of those crises?  Many companies have begun to understand that tracking culture should be considered a fundamental component

  • Revisiting the Question “Should a CFO be an Accountant?”

    March 9, 2020 Published: IFAC By: Stathis Gould, Deputy Director, Professional Accountants in Business, IFAC The Chief Financial Officer (CFO) is an important role – and one that continues to expand and transform. As growing uncertainty and risk permeate every organization, and businesses begin to think about value beyond a shareholders’ perspective, the CFO role is an increasingly

  • Global Ethics Board releases report exploring the ethical implications of technology for accountants

    February 27, 2020 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) today released its Phase One Report exploring the ethical implications of technology on the accounting, assurance, and finance functions. The report is the culmination of the first phase of fact-finding work the global ethics standard-setting board initiated in recognition of the pace and

  • IESBA Technology Working Group´s Phase 1 Report

    IESBA Technology Working Group´s Phase 1 Report

    February 27, 2020 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) Technology Group Phase One Report explores the ethical implications of technology on the accounting, assurance, and finance functions. The Report is the culmination of work the global ethics standards setting board initiated in recognition of the pace and magnitude of change caused by

  • Webcast: Introducing the Request for Information: Comprehensive Review of the IFRS for SMEs Standard

    February 2020 Published: IFRS In this webcast, IASB Technical Staff members Yousouf Hansye and Nkumbulo Mabaso provide an overview of the IFRS for SMEs Standard and introduce the Request for Information published in January 2020. The Request for Information seeks views on whether and how to align the IFRS for SMEs Standard with full IFRS Standards. This webcast is

  • SEC Provides Conditional Regulatory Relief and Assistance for Companies Affected by the Coronavirus Disease 2019 (COVID-19)

    SEC is closely monitoring the impact of the coronavirus on investors and capital markets March 4, 2020 Published: SEC Today, the Securities and Exchange Commission announced that it is providing conditional regulatory relief for certain publicly traded company filing obligations under the federal securities laws. The impacts of the coronavirus may present challenges for certain companies

  • From risks to regulation: rethinking company categorisation

    March 2, 2020 Published: Accountancy Europe Quantitative criteria currently define how companies are categorised for regulatory purposes. Their turnover or number of employees often determine what legislation applies to them. With global megatrends disrupting business models and markets, this publication aims to open the debate on how entities should be categorised. It does so by

  • ACCA eyes global economic impact of coronavirus

    March 2, 2020 Published: Accounting Today The Association of Chartered Certified Accountants has released a paper examining the impact of the coronavirus, and how it is affecting economies around the world, including the U.S. In the policy brief released Monday, the ACCA noted that economic shocks such as the coronavirus, also known as COVID-19, tend to have

  • FRC calls for operational separation

    March 2, 2020 Published: International Accounting Bulletin The Financial Reporting Council (FRC) has written to the UK’s largest audit firms setting out the regulator’s expectations for operational separation to bring about audit quality improvements and audit market resilience. Everyone, not just in the UK but globally is affected in some way by the quality of

  • International Framework recommended as a key framework in call to action by A4S and Accounting Bodies internationally to tackle climate change

    February 26, 2020 Published: <IR> The International Integrated Reporting Council’s <IR> Framework has today, 26 February 2020, been recommended as a key framework for accountants globally to use as they respond to and account for climate change risks. The recommendation has come as part of a call to action signed by 14 accounting bodies and led by the

  • CDSB’s red lines and tracked changes to the EU Non- Financial Reporting Directive

    February 2020 Published: Climate Disclosure Standards Board (CDSB)

  • The Framework revision: Inspiring better reporting

    February 26, 2020 Published: <IR> The first ever revision of the International <IR> Framework is now underway. Since the <IR> Framework’s release in December 2013, the IIRC has focused on driving its widespread international adoption. Today, there is a strong and increasing momentum for integrated reporting and integrated thinking to become the norm within mainstream business practice. A March

  • Preparing for Changes to ISA 540 on Auditing Accounting Estimates

    February 24, 2020 Published: IFAC By: Louise Sharp  Auditing accounting estimates has never been easy. Estimates are difficult to measure, often involve management’s judgment and can be based on highly complex models. So, by their very nature, they pose huge challenges for auditors. Not only are they difficult to audit, but their importance to investors

  • New Tone at the Top Explores the Current State of Data Governance and More…

    February 13, 2020 Published: The Institute of Internal Auditors With more than 2.5 quintillion bites of data being produced globally every day, it is not hyperbole to say that data governance is the biggest change facing governance today. It is an issue that expands daily and how organizations choose to approach it will allow them

  • GASB proposes criteria for financial statement disclosures

    February 21, 2020 Published: Journal of Accountancy A proposed concepts statement issued Friday by GASB would establish new criteria for state and local governments to follow in developing their disclosures for notes to financial statements. The exposure draft, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements, describes the

  • FRC assesses company and auditor responses to climate change

    20 February 2020 Published: FRC The Financial Reporting Council (FRC) has announced a major review of how companies and auditors assess and report on the impact of climate change. The FRC will review the extent to which UK companies and auditors are responding to the impact of climate change on their business to ensure reporting

  • CDSB and CDP release handbook to meet challenges of environmental and climate reporting across the EU

    February 19, 2020 Published: CDSB The EU Environmental Reporting Handbook evaluates company disclosure in line with the Non-Financial Reporting Directive With the EU Green Deal aiming to increase environmental and climate disclosure, the Climate Disclosure Standards Board (CDSB) and CDP have today released an environmental reporting handbook to help companies improve their disclosure in line with the Non-Financial

  • IFRS 17 Insurance Contracts

    January 2020 Published: IFRS Darrel Scott, member of the International Accounting Standards Board, and Roberta Ravelli, member of the technical staff, report on the discussion at the January 2020 meeting of the Board about Amendments IFRS 17. For more information on the Amendments to IFRS 17 project, go to www.ifrs.org. https://www.youtube.com/watch?v=Kc0OvbvJn3E  

  • FRC advice to companies and auditors on coronavirus risk disclosures

    February 18, 2020 Published: FRC The Financial Reporting Council (FRC) has today published guidance for companies on disclosure of risks and other reporting consequences arising from the emergence and spread of Coronavirus (COVID-19). The regulator is also discussing with audit firms whether the virus affects their ability to review component audits in China and the consequences to

  • IOSCO publishes key considerations for regulating crypto-asset trading platforms

    February 12, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions today published a report that describes the issues and risks associated with crypto-asset trading platforms (CTPs) and sets out key considerations to assist regulatory authorities in addressing these issues. The development of crypto-assets is an important area of interest for regulatory authorities around

  • White House proposes folding PCAOB into SEC by 2022

    February 13, 2020 Published: AccountingToday The White House’s latest budget blueprint proposes consolidating the functions and responsibilities of the Public Company Accounting Oversight Board into the Securities and Exchange Commission starting in 2022. The move would save a projected $57 million that year, and up to $580 million by 2030, but the impact on audit firms and

  • IFAC highlights factors behind high-quality audits

    February 12, 2020 Published: AccountingToday The International Federation of Accountants has released a set of recommendations for achieving high-quality audits as regulators around the world push for more thorough audits to avoid accounting scandals. In a POV piece released Wednesday, IFAC identified five essential factors for performing high-quality audits: the right process, the right people, the right

  • General Presentation and Disclosures

    February 10, 2020 Published: IFRS This is a recording of the live webinar introducing the Exposure Draft General Presentation and Disclosures, a consultation document of the Primary Financial Statements Project. For more information on the project, please go to www.ifrs.org.

  • Why the EU’s plan for a green economy needs non-financial reporting

    February 6, 2020 Published: Accountancy Europe By: Olivier Boutellis-Taft In the face of our social and environmental crisis, the European Commission calls on businesses to meet the UN’s Sustainable Development Goals (SDGs) and the Paris Climate Agreement. With its Non-Financial Reporting Directive (2014/95/EU), circular economy strategy, Sustainable Finance Action Plan, and European Green Deal, the EU has shown bold leadership. It should be encouraged to continue doing so, especially on a troubled

  • ARSC further converges SSARSs with international standards and aligns closer with GAAS

    February 11, 2020 Published: Journal of Accountancy By Jeff Drew The AICPA Accounting and Review Services Committee (ARSC) on Tuesday issued a new Statement on Standards for Accounting and Review Services (SSARS) that amends four sections of SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, to more closely align them

  • FASB proposes improvements to accounting for contributed nonfinancial assets by not-for-profit organizations

    February 10, 2020 Published: FASB The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to improve transparency around how not-for-profit organizations present and disclose contributed nonfinancial assets, also known as gifts-in-kind. Examples of contributed nonfinancial assets include fixed assets such as land, buildings, and equipment; the use of fixed assets

  • Call for Feedback: Systemic Risk

    February 7, 2020 Published: SASB The Sustainability Accounting Standards Board (SASB) is seeking technical feedback from corporate risk professionals and credit risk analysts on key issues in the Asset Management & Custody Activities industry. During its Dec. 4, 2019 meeting, the Standards Board approved a standard-setting project to re-evaluate the Systemic Risk Management topic and

  • IESBA proposes guidance to address the objectivity of engagement quality reviewers

    January 30, 2020 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) today released for public comment the Exposure Draft, Proposed Revision to the Code Addressing the Objectivity of Engagement Quality Reviewers. The proposed limited-scope revision to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) dovetails with the International Auditing and Assurance

  • New GASB standard addresses lease accounting, OPEB, other issues

    February 5, 2020 Published: Journal of Accountancy Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed Wednesday in an omnibus standard issued by GASB. The new standard, GASB Statement No. 92, Omnibus 2020, addresses various issues that include: Modifying the effective date of Statement No. 87, Leases, as

  • Featured Video: Standards that work and high-quality implementation go hand-in-hand

    Published: FASB Russ Golden, Sue Cosper, and Shayne Kuhaneck look at how the FASB supports stakeholders applying new guidance.

  • FRC plan for greater regulatory oversight

    February 5, 2020 Published: FRC The Financial Reporting Council (FRC) has today announced a major shakeup of its oversight and supervisory functions to speed up the pace of Enforcement investigations. The regulator is also broadening its stated purpose which is to serve the public interest by setting high standards of corporate governance and by holding to

  • IOSCO publishes annual work program

    January 30, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published its 2020 annual work program, to further its core objectives of protecting investors, maintaining fair, efficient and transparent markets and addressing systemic risks. The work program calls for IOSCO to continue its efforts on five specific priorities identified by

  • SEC proposes simplifying disclosure requirements

    January 31, 2020 Published: Journal of Accountancy The SEC voted to propose amendments designed to simplify and enhance certain company financial disclosures and issued guidance on key performance indicators and metrics in management’s discussion and analysis (MD&A). Item 301 (selected financial data) and Item 302 (supplementary financial data) would be eliminated from Regulation S-K under the proposal. Meanwhile, Item 303

  • Accountants can change the world

    February 23, 2010 Published: Accountancy Europe By: Alan Johnson, Deputy President of the International Federation of Accountants (IFAC) By 2050, there will be 9 billion people living on the planet and climate change will exacerbate all the challenges we face. As professional accountants, we must ensure we play our part in making economies sustainable. The profession

  • VIDEO – PCAOB stakeholder Liaison Discusses Commenting on the Board´s Quality Control Concept Release

    January 27, 2020 Published: PCAOB Today, the PCAOB released a video discussing how to comment on its concept release on a potential approach to revising quality control standards. Please take a few minutes to watch this short video of Erin Dwyer, the PCAOB’s Deputy Director of External Affairs and the Stakeholder Liaison, describing why our stakeholders might consider commenting

  • IASB mulls update to IFRS for SMEs

    January 28, 2020 Published: Accounting Today The International Accounting Standards Board is considering an update to IFRS for SMEs, its stripped down version of International Financial Reporting Standards for small and midsize entities, the second major update to the standards since it was introduced in 2009, to reflect the changes over the past decade in

  • Global Ethics Board proposes significant revisions to International Independence Standards

    Proposals Relating to Non-Assurance Services and Fees Further Reinforce Auditor Independence January 21, 2020 Published: IESBA The International Ethics Standards Board for Accountants® (IESBA®) today released two Exposure Drafts (EDs): ·         Proposed Revisions to the Non-Assurance Services Provisions of the Code ·         Proposed Revisions to the Fee-Related Provisions of the Code The EDs are aimed at strengthening the

  • Consultation on revised auditing standard for identifying and assessing risks of material misstatement

    January 28, 2020 Published: FRC The Financial Reporting Council (FRC) has today launched a consultation on the proposed revision of its UK standard (ISA (UK) 315 (Revised – June 2016) – Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment. The FRC’s changes reflect revisions made by the International Auditing and Assurance

  • Why audit firm leaders need to practice what they preach

    January 24, 2020 Published: Journal of Accountancy Firm leaders can improve audit quality by modeling the behavior they say they value, according to a new study performed with the backing of the AICPA Assurance Research Advisory Group. The researchers interviewed 24 firm leaders (mostly partners and managers) across 12 firms and surveyed 123 auditors on

  • IASB clarifies requirements for classifying liabilities as current or non-current

    January 23, 2020 Published: IFRS The International Accounting Standards Board (Board) has today issued narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position,

  • AICPA drafts guidance for insurance standard

    January 21, 2020 Published: AccountingToday The American Institute of CPAs’ Financial Reporting Executive Committee has proposed several working drafts of its guidance on the long-duration insurance accounting standard for insurance companies. The Financial Accounting Standards Board has a new accounting standard on long-duration insurance contracts that makes targeted improvements to the existing recognition, measurement, presentation

  • Featured Video: Improving Revenue and Expense Information

    January 2020 Published: GASB The GASB’s Paulina Haro talks about the Revenue and Expense Recognition Project: what it’s all about, what’s happening, and what’s ahead. Ir a ver el video https://www.gasb.org/home

  • How firms are delivering value with audit data analytics

    January 21, 2020 Published: Journal of Accountancy When Ed Wilkins, CPA, talks to audit committees about adding data analytics to the audit process, he explains to them that it usually takes three years for investment in a complex audit analytic to pay for itself. Audit analytics give practitioners the ability to examine an entire dataset

  • FASB clarifies the Interaction between the Accounting for Equity Securities, Equity Method Investments, and Certain Derivative Instruments

    January 16, 2020 Published: FASB The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that clarifies the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.  The ASU is based on a consensus of the FASB’s Emerging Issues Task Force (EITF). In 2016, the FASB issued Accounting Standards Update

  • Presentación “Entregando Información Ambiental y Social al Mercado” – Mauricio Larraín

    Presentación “Entregando Información Ambiental y Social al Mercado” – Mauricio Larraín

    20 de enero de 2020 Publicado por la CMF Seminario organizado por la CMF, la Sofofa y el Centro de Gobierno Corporativo UC.

  • Investors call for improved workforce reporting

    January 20, 2020 Published: Financial Reporting Council Reporting on workforce-related issues needs to improve to meet investor needs and reflect modern-day workforces according to a new report from the Financial Reporting Council’s (FRC) Financial Reporting Lab (the Lab). Workforce-related matters such as working conditions, changing contractual arrangements and automation have all become areas of increasing investor focus

  • Call for improved UN Sustainable Development Goals disclosures

    January 17, 2020 Published: Integrated Reporting (IR) We have joined leading accounting bodies calling for corporate and asset owner action and improved reporting on the UN’s Sustainable Development Goals (SDG) in an attempt to hit goals set for 2030.  The recommendations are detailed in the report published today, Sustainable Development Goals Disclosure (SDGD) Recommendations, authored by

  • Tackling Fraud and Financial Crime in the Global Public Sector through Training and Education

    January 6, 2020 Published: IFAC By: Les Dobie, Head of Counter Fraud Training, CIPFA Fraud and financial crime will always exist. Where there’s money, there are also people working to exploit the financial system for their personal gain – and the public sector is no exception. Although there is still work to be done, western governments

  • A New Focus: Corporate Culture: How to Assess Culture and Why

    December 3, 2019 Published: The CAQ Leaders take seriously setting the right tone at the top of their organizations. Stakeholders who have a role in the financial reporting ecosystem may be focused on compliance violations or internal audit findings and may not be focused on what the results tell them about the organization’s culture of

  • Fraud and Emerging Tech: Robotic Process Automation

    January 12, 2020 Published:  Financial Executives International (FEI) by Morgan Hunsaker and Dillon Papenfuss Companies are rapidly progressing with RPA adoption to increase efficiency and automate low-value, repetitive tasks. Companies hoping to maximize their investment should consider RPA’s impact on fraud risk and the control environment, too. This paper is first in a series from the

  • Blockchain makes advances, but audit firms remain wary

    January 9, 2020 Published: AccountingToday Accounting firms are beginning to wade into the use of blockchain technology for audits, but with caution as the technology spreads beyond the cryptocurrency space where it’s been used for digital assets like Bitcoin. “I don’t know that blockchain is going to necessarily make things easier for auditors,” said Amy

  • The Chartered IIA launch New Internal Audit Code

    January 9, 2020 Published: The Accountant The Chartered Institute of Internal Auditors (Chartered IIA) has published a new code with the goal of increasing the effectiveness of internal audit functions. The Internal Audit Code of Practice aims to strengthen corporate governance following a number of high-profile company collapses which have been linked to governance deficiencies,

  • Voices: Changes to PCAOB quality control standards could lead to more exposure for audit firms

    January 09, 2020 Published: AccountingToday By: Jessica Pulliam and Charles Strecker Partner, Baker Botts LLP The Public Accounting Oversight Board issued a concept release last month proposing a significant overhaul to the quality control rules. The proposed changes could have the potential for expanding future enforcement proceedings, which have historically focused on a firm’s quality control efforts in narrow

  • International Code of Ethics for Professional Accountants

    Published: IESBA IESBA Chairman Dr. Stavros Thomadakis explains the practical significance of the revised and restructured Code, an enhanced platform for developing relevant ethics and independence standards that are globally operable in a world of changing technologies, business methods and public expectations. https://www.ethicsboard.org/international-code-ethics-professional-accountants

  • Improved governance and reporting required to promote sustainability and trust in business

    January 9, 2020 Published: FRC Companies need to improve their governance practices and reporting if they are to demonstrate their positive impact on the economy and wider society, according to a new report from the Financial Reporting Council (FRC). While changes to the 2018 UK Corporate Governance Code raised the bar considerably and have led to some high-quality

  • SEC Office of Compliance Inspections and Examinations Announces 2020 Examination Priorities

    January 7, 2020 Published: SEC The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) today announced its 2020 examination priorities. OCIE publishes its examination priorities annually to enhance the transparency of its examination program and to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and

  • Accounting for cloud computing: What you need to know

    January 6, 2020 Published: Journal of Accountancy By Ellen Goldstein Many companies and accounting firms have been focusing on new standards on revenue recognition and accounting for leases, hedging, and credit losses. But another new FASB standard — on cloud computing costs associated with a service arrangement — became effective for public business entities in

  • What doesn’t kill auditors makes them stronger

    January 3, 2020 Published: Accounting Today It’s no secret that technology is poised to bring tremendous change to auditing; the question is, will those changes be positive or negative? To assess the state of the field, Accounting Today convened a virtual roundtable of experts and practitioners to share their thoughts on where things stand — and where

  • IESBA revises Part 4B of the International Code of Ethics

    Changes Align Part 4B to Assurance Terms and Concepts Used in ISAE 3000 (Revised) January03, 2020 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) today released Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised). Part 4B of the International Code of Ethics for Professional Accountants (including International Independence

  • Nuevo Código de Ética de IFAC, en Español

    Nuevo Código de Ética de IFAC, en Español

    Con fecha Junio de 2019, entró en vigencia el nuevo Código de ética, en su versión en inglés, emitido por el IESBA organismo sustentado por la Federación Internacional de Contadores (IFAC). El nuevo Código de Ética reúne todos los avances sustanciales en ética e independencia de los últimos 4 años en un solo documento que

  • Despedida José Monsalve

    Despedida José Monsalve

    Con fecha 20 de diciembre, se efectuó el almuerzo de despedida de José Monsalve en reconocimiento a su exitosa gestión al frente de la Asociación que culminó el pasado 5 de septiembre de 2019. Este evento fue organizado por el Directorio de la Asociación y fueron invitados los Country Managing Partners de todas las Firmas

  • Interpretation Committee Podcast Q4 2019

    December 20, 2019 Published: IFRS Vice-Chair of the Board and Chair of the Interpretations Committee Sue Lloyd joins Technical Staff member Patrina Buchanan to discuss relevant activities and developments between October and December 2019. They summarise one final agenda decision to do with lease term and useful life of leasehold improvements, and two tentative agenda

  • Final Reflections on Internal Audit’s Decade of Progress

    December 30, 2019 Published: The Institute of Internal Auditors In the past 10 years, many significant events have occurred that have dramatically altered the risk landscape that internal auditors must navigate. From strict new post-financial crisis regulations, to an explosion of cyberattacks, to the emergence of risks related to artificial intelligence, data ethics, and privacy,

  • SEC Proposes to Codify Certain Consultations and Modernize Auditor Independence Rules

    December 30, 2019 Published: SEC The Securities and Exchange Commission today announced that it is proposing amendments to codify certain staff consultations and modernize certain aspects of its auditor independence framework.  The proposed amendments would update select aspects of the nearly two-decade-old auditor independence rule set to more effectively structure the independence rules and analysis

  • Fighting Corruption Requires Accountants to Act: Here´s How

    December 9, 2019 Published: IFAC Corruption is taking a toll. The United Nations puts its annual cost at $3.6 trillion—about five percent of global GDP. That’s almost twice the GDP of Brazil. The consequences for economic growth and for the welfare of ordinary people are severe – and no country is immune. This is a global

  • IAASB revises standard for risk of material misstatement

    December 26, 2019 Published: AccountingToday The International Accounting and Assurance Standards Board has released a revised standard for identifying and assessing the risks of material misstatements. International Standard on Auditing (ISA) 315 (Revised 2019) is part of the IAASB’s work to improve audit quality globally. In finalizing the revisions, the IAASB concentrated on making the standard

  • How small firms should approach new technologies

    December 10, 2019 Published: Journal of Accountancy Small firms wishing to adopt new technologies should examine available services to determine which ones are the best fit for current systems, advises Daniel Moore, CPA. https://www.journalofaccountancy.com/videos/new-technologies-for-small-cpa-firms.html

  • IOSCO consults on measures to reduce conflict of interests in debt capital raising

    December 16, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on proposed guidance to help IOSCO members address potential conflicts of interest and associated conduct risks arising from the role of market intermediaries in the debt capital raising process. Conflicts of interest and associated conduct risks can

  • “Podríamos hablar de una crisis del modelo de democracia representativa”

    JAIME VARGAS, SOCIO LÍDER DE IMPUESTOS INTERNACIONALES DE EY COLOMBIA: El Diario Financiero El experto analizó las causas de las protestas de 2019 en América Latina y la respuesta de Colombia a la crisis, a través de la aprobación de la reforma tributaria.América Latina se dispone a cerrar un año convulsivo en materia social y

  • IASB proposes to require comparable profit subtotals and bring greater transparency to ‘non-GAAP’ measures

    December 17, 2019 Published: IFRS The International Accounting Standards Board (Board) has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance. Responding to investor demand, the proposals would require more comparable information in the statement of profit or loss and a more disciplined and transparent approach

  • New Tone at the Top Explores How to Measure Effective Governance and More

    December 13, 2019 Published: The Institute of Internal Auditors There is a significant disconnect between assessments of governance and true governance effectiveness. It’s time to assess why governance evaluations are often wrong and to what can be done to fix the problem. However, most companies still don’t measure their overall system of corporate governance because

  • FRC updates aid to Audit Committees in evaluating audit quality

    December 19, 2019 Published: Financial Reporting Council (FRC) The Financial Reporting Council (FRC) has issued an update of its Practice Aid to assist audit committees in evaluating audit quality in their assessment of the effectiveness of the external audit process. The update takes account of developments since the first edition was issued in 2015, including revisions of

  • FRC moves to strengthen auditor Independence and ban conflicts of interest

    December 17, 2019 Published: FRC – Changes deliver stronger UK ethical requirements the FRC committed to implement – Tougher ethical standards strengthening auditor independence, and preventing conflicts of interest – New standard bans auditors from providing recruitment and remuneration services To support the delivery of high-quality audit in the UK, the FRC has today issued a major

  • Accountancy Europe Digital Day 2019

    November 27, 2019 Published: Accountancy Europe Matthew Griffin, Founder and CEO at 311 Institute, answered to the following questions at our Digital Day 2019: How can sustainability be combined with digitalisation? What role do you see for accountants in making technological advances more green?

  • FRC updates aid to Audit Committees in evaluating audit quality

    FRC updates aid to Audit Committees in evaluating audit quality

    December 19, 2019 Published: Financial Reporting Council (FRC) The Financial Reporting Council (FRC) has issued an update of its Practice Aid to assist audit committees in evaluating audit quality in their assessment of the effectiveness of the external audit process. The update takes account of developments since the first edition was issued in 2015, including revisions of the

  • PCAOB Issues Quality Control Concept Release

    December 17, 2019 Published: PCAOB The Public Company Accounting Oversight Board today voted to issue a concept release on a potential approach to revising the PCAOB’s quality control standards. The release solicits public comment to inform the Board on the approach and what changes it might propose in the future to strengthen the PCAOB’s requirements for audit firms’ quality

  • PCAOB Posts Conversations with Audit Committee Chairs: What We Heard & FAQs

    PCAOB Posts Conversations with Audit Committee Chairs: What We Heard & FAQs

    December 18, 2019 Published: PCAOBThe PCAOB is committed to our strategic goal of enhancing transparency and accessibility through proactive stakeholder engagement. Over the past year, we have engaged more directly and more often with public company audit committees and had conversations with the audit committee chairs of almost all of the U.S. issuers whose audits we inspected.

  • How to handle accounting for digital assets

    December 16, 2019 Published: Journal of Accountancy In a business environment that’s changing rapidly, even the currency used to pay for transactions is evolving in ways that challenge accountants and auditors. The growing popularity of various forms of digital (or crypto) assets has required many CPAs to consider how to appropriately account for them under

  • IOSCO launches framework for monitoring leverage in funds that may pose stability risks

    December 13, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today unveiled a twostep framework designed to facilitate monitoring of leverage in investment funds that could potentially pose risks to financial stability. The framework, outlined in the report on Recommendations for a Framework Assessing Leverage in Investment Funds, comprises a two-step

  • How auditors can stay independent while advising on revenue recognition

    December 13, 2019 Published: Journal of Accountancy One of the most difficult challenges for some auditors as 2019 comes to an end is maintaining their independence amid the frustration and confusion of their clients over the implementation of FASB’s new revenue recognition standard. CPAs who see their clients struggling want to help, but if they

  • OnRisk 2020: A Guide to Understanding, Aligning and Optimizing Risk

    Change the Way You View and Understand Risk December 3, 2019 Published: The Institute of Internal Auditors OnRisk 2020: A Guide to Understanding, Aligning, and Optimizing Risk offers a clear-eyed, holistic view of risk like no other. This new IIA report is the first to bring together perspectives from the boardroom, C-suite, and internal audit. Ver

  • PCAOB’s 2020 inspection focus and audit quality tips revealed

    December 11, 2019 Published: Journal of Accountancy The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections, said Wednesday. During a presentation at the AICPA Conference on Current SEC and PCAOB Developments

  • PCAOB Posts Critical Audit Matters Spotlight

    December 10, 2019 Published: PCAOB The PCAOB today posted to its website a Critical Audit Matters (CAMs) Spotlight. Consistent with the Board’s strategic goal of providing more useful and timely information, we believe that sharing our initial observations from the experiences of the first adopters of CAM requirements could help auditors, companies, audit committees, and other

  • PCAOB Posts Critical Audit Matters Spotlight

    PCAOB Posts Critical Audit Matters Spotlight

    December 10, 2019 Published: PCAOB The new requirement for auditors to report critical audit matters (CAMs) is the most significant change to the auditor’s report in more than 70 years. To support the implementation of the new requirement, the Public Company Accounting Oversight Board (PCAOB) has conducted extensive outreach to audit firms and other stakeholders

  • ASB proposes conforming amendments, addresses practice issues

    December 10, 2019 Published: Journal of Accountancy The AICPA Auditing Standards Board (ASB) proposed amendments Tuesday that would conform sections of its codification to its recently issued standards on auditor reporting and the auditor’s responsibilities relating to other information included in annual reports. In the exposure draft, the ASB also proposed amending certain AU-C sections to address

  • New standard adds flexibility for agreed-upon procedures

    December 5, 2019 Published: Journal of Accountancy CPA practitioners will have more flexibility to perform agreed-upon procedures engagements under a new standard issued Thursday by the AICPA Auditing Standards Board. Statement on Standards for Attestation Engagements (SSAE) No. 19, Agreed-Upon Procedures Engagements, provides flexibility to CPAs by: – Removing the requirement that the practitioner request an assertion from

  • ASB aligns with other US standard setters on materiality

    December 5, 2019 Published: Journal of Accountancy The concept of materiality in the AICPA Professional Standards has been amended to match the description used by other standard setters and regulators in the United States. Under new standards issued Thursday by the AICPA Auditing Standards Board (ASB), the description of materiality used in the AICPA standards will substantially

  • How to build support for digital transformation

    November 25, 2019 Published: Journal of Accountancy CPAs are uniquely positioned in their organizations to lead, encourage, and catalyze digital transformation, says Dan Griffiths, CPA, CGMA, a partner with Tanner LLC in Salt Lake City. Ver video aquí https://www.journalofaccountancy.com/videos/build-support-for-digital-transformation.html

  • The Role of Auditors in Company-Prepared Information: Present and Future

    December 3, 2019 Published: TheCaq The pace of change in business is accelerating, and the volume of information available to investors and other stakeholders in the US financial reporting ecosystem continues to grow. Investors and others are using both audited financial statements and—increasingly—unaudited company-prepared information to make decisions. “Investors and other consumers of the financial

  • The Role of Auditors in Company-Prepared Information: Present and Future

    The Role of Auditors in Company-Prepared Information: Present and Future

    December 3, 2019 Published: TheCaq The pace of change in business is accelerating, and the volume of information available to investors and other stakeholders in the US financial reporting ecosystem continues to grow. Investors and others are using both audited financial statements and—increasingly—unaudited company-prepared information to make decisions. The Role of Auditors in Company-Prepared Information:

  • PCAOB plans further changes on inspections and quality control

    December 3, 2019 Published: Accounting Today Public Company Accounting Oversight Board Chairman William Duhnke said Tuesday the PCAOB with its reconstituted board is making changes in its inspections regime and quality control standards for auditing firms, while also doing more outreach to audit committees. “Currently, the PCAOB is in the middle of significant change,” he

  • Mark Carney appointed as un´s special envoy on climate action and finance

    December 2, 2019 Published: International Accounting Bulletin Bank of England Governor Mark Carney has been appointed as UN special envoy for climate action and finance. He will start his new position once his term at the Bank of England comes to an end. As special envoy, he will focus on the implementation of climate action,

  • SEC Proposes to Modernize Regulation of the Use of Derivatives by Registered Funds and Business Development Companies

    November 25, 2019 Published: SEC The Securities and Exchange Commission has voted to propose a new rule designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds (ETFs) and closed-end funds, as well as business development companies. The proposed rule would provide an updated and more comprehensive

  • Accountants Can Support Sustainable Corporate Governance

    November 20, 2019  Published: IFAC By: Olivier Boutellis-Taft  The time is now! World leaders, the US Business Roundtable, scientists, students and the new European Commission agree on the need for immediate action on sustainability. Making our economy sustainable is not about doing good: it is about staying in business and still having a liveable planet for

  • Tackling tax avoidance and evasion

    June 6, 2019 Published: OECD The fight against tax evasion and avoidance has been a major success story of the OECD and G20, leading to the implementation of global tax transparency standards and the Base Erosion and Profit Shifting package.

  • OECD launches automatic exchange of information programme

    November 26, 2019 Published: The Accountant The Organisation for Economic Co-operation and Development (OECD) and the United Nations Development Programme’s Tax Inspectors Without Borders initiative (TIWB) has launched a project on automatic exchange of information (AEOI). The TIWB initiative is to launch a number of pilot programmes in an effort to support developing countries’ efforts

  • FASB issues narrow-scope changes to credit losses standard

    November 26, 2019 Published: Journal of Accountancy FASB issued narrow-scope improvements Tuesday to its new accounting standard for credit losses. The new Accounting Standards Update (ASU), Codification Improvements to Topic 326, Financial Instruments — Credit Losses, addresses concerns voiced by accountants and other stakeholders regarding implementation of the new credit losses standard, ASU No. 2016-13, Financial Instruments — Credit Losses

  • Voices: Three ways to recruit top talent to your firm in 2020

    November 21, 2019 Published: Accounting Today By: Leah Machado The tight labor market is impacting every industry, including accounting. As the national rate of unemployment hovers near a 50-year low, firms of all sizes are struggling to find and retain quality employees. The 2019 “Paychex Pulse of HR Survey” found that talent is among the top factors impacting

  • Valuation in spotlight as SEC mulls expanding investment opportunities

    November 20, 2019 Published: Journal of Accountancy As the SEC explores new possibilities for “Main Street” investors to have access to offerings that are now considered exempt, private-equity firm financial statement auditors may find even more investors relying on their work. In June, the SEC issued a concept paper seeking comment on whether to make a broader

  • Preparing for the future: The Brave New World of Artificial Intelligence

    Published: OECD We need to anticipate the radical changes induced by globalisation, digitalisation and demographic shifts. For example, how can we build the skills of tomorrow’s workforce? How can we support risk-taking and entrepreneurship while safeguarding job quality, collective bargaining and social protection? How do we integrate the growing number of migrants to enhance solidarity,

  • ICAEW publishes guide to provide better understanding of assurance

    November 20, 2019 Published: The Accountant The Institute of Chartered Accountants in England and Wales (ICAEW) and the World Business Council for Sustainable Development (WBCSD) has published a guide to help businesses better understand how non-financial assurance works. The ICAEW and WBCSD have found that companies believe that the market place for assurance services on

  • PCAOB Approves 2020 Budget, Reaffirms Strategic Direction

    November 19, 2019 Published: PCAOB The Public Company Accounting Oversight Board today approved its fiscal year 2020 budget and five-year strategic plan in an open meeting. The Board’s strategic plan guides the PCAOB’s programs and operations and serves as the foundation for the budget. “We are proud of the progress we made to execute our strategic plan in year one,”

  • Strategic Plan 2019-2023

    Strategic Plan 2019-2023

    November 19, 2019 Published: PCAOB The PCAOB voted unanimously to adopt its 2019-2023 Strategic Plan. The plan reaffirms the five values and five core goals that the Board will advance to effectively fulfill its mission.  Key Factors Affecting the Strategic Outlook The key factors guiding the efforts include the following: First, the quality of audit services has

  • Presentación “Basilea III. CMF publica en consulta la Metodología para el cómputo del Capital Regulatorio”

    Presentación “Basilea III. CMF publica en consulta la Metodología para el cómputo del Capital Regulatorio”

    19 de noviembre de 2019 Descargar documento AQUÍ

  • An Overview of KAMs in the European Banking Sector

    November 15, 2019 Published: Accountancy Europe Source: Audit Analytics This article has been published by Audit Analytics. It is about the second annual survey we performed on the auditor’s reporting of key audit matters (KAMs) in the European banking sector since KAMs became required by EU law and international standards in 2017. One of the main goals of the

  • FASB officially delays 4 major standards

    November 15, 2019 Published: Journal of Accountancy On Friday, FASB issued two new Accounting Standards Updates (ASU) that delay many of the effective dates for new standards on leases, hedging, current expected credit losses (CECL), and long-duration insurance contracts. The updates came a month after FASB voted unanimously to delay certain effective dates for leases, hedging, and

  • Exploring Talent Management Challenges and Opportunities

    November 12, 2019 Published: The Institute of Internal Auditors Internal audit talent management has become increasingly complex in the world of rapidly developing technology and ever-dwindling budgets. Identifying the right mix of skill sets and finding top talent who possess them is only one part of the equation. Creating a culture and developing a recruitment

  • RAB Request for Proposals – Topics of Interest in 2020

    RAB Request for Proposals – Topics of Interest in 2020

    November 14, 2019 Published: The Caq Deadline: Monday, March 16, 2020; 12:00 Midnight PDT The CAQ’s Research Advisory Board (RAB) is interested in research questions that can substantively inform audit practice or address policy and regulatory issues that impact audit quality and the profession. Below are brief descriptions of suggested topics that are listed in the

  • Social media clip: Developments in Audit

    November 6, 2019 Pubished: FRC Following the publication of the Developments in Audit report, a social media clip has been produced to give the key highlights of the report. https://www.frc.org.uk/news/november-2019/social-media-clip-developments-in-audit-(1)

  • Accounting for Value Creation and Encouraging the Rise of the Chief Value Officer

    November 7, 2019 Published: IFAC By: Kevin Dancey, Charles Tilley Accounting is a time-tested discipline. It’s been around since Luca Pacioli invented double entry bookkeeping over five centuries ago. It is the means to capture the monetary value that has been realized through transactions. For the better half of the last millennia, accounting has been the language

  • Demand for sustainability assurance is growing

    November 12, 2019 Published: Journal of Accountancy The demand for sustainability assurance is likely to grow in the coming years, according to a new survey conducted by The Conference Board. Thirty-seven of the 57 large U.S. and European companies participating in the survey said they obtain assurance on at least some of their publicly reported

  • FASB proposes clarifications to certain areas of the derivatives and hedging standard

    November 12, 2019 Published: FASB The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) to clarify certain sections of its 2017 hedge accounting standard.  Stakeholders are asked to review and comment on the proposed ASU by January 13, 2020. “During our outreach to help stakeholders understand and implement the new hedging standard,

  • SEC Division of Enforcement Publishes Annual Report for Fiscal Year 2019

    November 6, 2019 Published: SEC The Securities and Exchange Commission’s Division of Enforcement today issued its annual report for fiscal year 2019. The report details the division’s efforts and initiatives on behalf of investors, highlights several significant actions, and presents the activities of the division from both a qualitative and quantitative perspective. “The results depicted in

  • Statement on IOSCO study of emerging global stablecoin proposals

    November 4, 2019 Published: IOSCO At its meeting on 30th October in Madrid, the Board of the International Organization of Securities Commissions (IOSCO) met, amongst other things, to consider the risks and benefits arising from ‘stablecoin’ initiatives with a potential global reach (‘global stablecoins’), and how securities market regulation may apply to such initiatives. This

  • IFAC seeks consistency, accountants’ engagement in corporate reporting

    November 7, 2019 Published: Journal of Accountancy As currently constructed, the corporate reporting system does not help organizations to communicate effectively or enable stakeholders to easily understand companies’ ability to create sustainable value over time, according to the International Federation of Accountants (IFAC). In a position paper published Thursday, IFAC stated that investors and other stakeholders are

  • Variable Interest Entities and Private Companies

    October 2019 Published: FASB This brief case study video examines a key issue for the private company community: the new path for private companies with variable interest entities. FEATURED VIDEO aquí https://www.fasb.org/home

  • Auditors need to improve their challenge of management urgently

    November 5, 2019 Published: FRC Audit quality is still not consistently reaching the necessary high standards expected, according to the Financial Reporting Council’s (FRC) Developments in Audit report, particularly when challenging management and performing routine procedures such as revenue recognition. High quality audit is essential to ensure confidence in financial reporting by UK companies. The FRC is working with

  • How audit committees can improve disclosure

    November 6, 2019 Published: Journal of Accountancy The percentage of audit committees providing public disclosure on many key metrics has increased in recent years, but opportunities for greater transparency remain, according to a yearly report published Wednesday by Audit Analytics and the Center for Audit Quality (CAQ), which is affiliated with the AICPA. An examination

  • 2019 Audit Committee Transparency Barometer

    2019 Audit Committee Transparency Barometer

    November 6, 2019 Published: TheCaq Although growth has been steady in the amount of information provided in audit committee disclosures, significant opportunities continue to exist to enhance transparency in this area, according to the 2019 edition of the Audit Committee Transparency Barometer. A report issued jointly by the CAQ and Audit Analytics, the Barometer tracks S&P Composite 1500

  • New Education Standards Focus on Enhancing Accountancy’s Technology and Skepticism Skills

    October 21, 2019 Published: IAESB The International Accounting Education Standards Board (IAESB) today released four revised International Education Standards (IESs) addressing learning and development for information and communications technologies (ICT) and professional skepticism. As market expectation increases for ICT skills and professional skepticism, these standards were developed to address the competencies, skills, and behaviors for

  • FRC sets out expectations for corporate reporting to improve trust in business

    30 October 2019 Published: FRC The Financial Reporting Council (FRC) has today called for improvements to corporate reporting in an open letter to all Audit Committee Chairs and Finance Directors. The letter reflects findings from the FRC’s Annual Review of Corporate Reporting 2018/19 (published today) and the scope for companies to improve their reporting to address matters of increasing

  • CIMA updates Code of Ethics

    October 28, 2019 Published: The Accountant The Chartered Institute of Management Accountants (CIMA) has updated its Code of Ethics with the aim of better helping finance professionals deal with ethics and independence challenges in a modern digital business world. The updated code will come into effect 1 January 2020. Key changes to the code include:

  • 2019 OECD SME and Entrepreneurship Outlook Highlights

    October 25, 2019 Published: IFAC By: Sandrine Kergroach  As the predominant form of business and employment, small and medium-sized enterprises (SMEs) are main drivers of productivity and key actors for building more inclusive and sustainable growth. Across the OECD, almost one out of three employees work in a micro firm with less than 10 employees and

  • Sustainable Finance Call to action

    Achieving high quality & consistent reporting October 22, 2019 Published: Accountancy Europe Today’s economy needs to undergo an urgent and radical transformation to achieve climate-neutrality and sustainability. To realise such a shift, we need high-quality data on environmental, social and governance (ESG) matters, as this data is the basis for sustainable decision-making. Companies are increasingly reporting on ESG matters. However, the relevance, quality and comparability of the reported information needs to improve in order to meet stakeholder expectations. Better non-financial information will improve the assessment of ESG risks and opportunities and will eventually lead

  • ASB addresses compliance with GAAS, PCAOB standards

    October 24, 2019 Published: Journal of Accountancy The AICPA Auditing Standards Board (ASB) issued a new interpretation Wednesday that provides guidance on how an auditor complies with AU-C Section 700A, Forming an Opinion and Reporting on Financial Statements, in the AICPA Professional Standards when the communication of critical audit matters as described in PCAOB standards is required. The

  • New technologies, ethics and accountability

    October 21, 2019 Published: ICAEW By: Kirstin Gillon, Technical Manager Tech Faculty This thought leadership report delves into the ethics of new technology. The seismic developments currently taking place in AI and algorithms are both exciting and morally concerning. What happens when machines do our thinking and decision-making for us? Where does the buck stop

  • UK´s FRC launches updated Stewardship Code

    October 24, 2019 Published: The Accountant The UK’s Financial Reporting Council has launched a revision to the UK Stewardship Code. The new code raises expectations for how money is invested on behalf of UK savers and pensioners. The Code establishes a benchmark for stewardship as the responsible allocation, management and oversight of capital to create

  • Lease accounting: Keep pushing ahead

    October 21, 2019 Published: Journal of Accountancy By Thomas Faineteau, CPA In February 2016, FASB issued new lease accounting requirements in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Under its core principle, a lessee recognizes a right-of-use (ROU) asset and a lease liability on its balance sheet for most leases, including operating leases. This

  • UK´s FRC: Investors seek clearer Reporting on Climate – Related Issues

    October 22, 2019 Published: The Accountant Companies are falling short of investors’ expectations for clearer reporting on climate-related issues, according to the UK’s Financial Reporting Council’s (FRC) Financial Reporting Lab. The report, Climate-related corporate reporting, highlighted the gap between current reporting and investor expectations as economies increasingly transition towards low carbon futures. Climate-related reporting outlines what investors

  • Sustainability standards seen as too fragmented

    October 17, 2019 Publushed: Accounting Today Environmental, social and governance reporting is filled with competing sets of sustainability-related standards that are in need of simplification and consolidation, according to accounting standard-setters and experts. “What we need in the world of ESG is a convergence project,” said International Accounting Standards Board Chairman Hans Hoogervorst during an

  • Organizations increasingly vulnerable to fraud

    October 17, 2019 Publushed: Accounting Today Companies lack adequate anti-fraud staff and resources and are seen as more likely to fall prey to fraud than in the past, according to a new report. The report, released Thursday by the Association of Certified Fraud Examiners at a Fraud Risk Management Summit in New York, polled 886 ACFE

  • FASB votes to delay effective dates for 3 major standards

    October 16, 2019 Published: Journal of Accountancy Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses (known as CECL), and hedging after a unanimous vote Wednesday by FASB. FASB directed its staff to draft an Accounting Standards Update (ASU) that will change the

  • SEC Educational Videos Aim to Help Investors Spot and Avoid Fraud

    October 11, 2019 Published: The SEC The SEC’s Office of Investor Education and Advocacy and Retail Strategy Task Force this week released new videos and Investor Alerts to help show investors what fraud looks like. Fraudsters will use every gimmick they can think of to get their hands on investors’ hard-earned money. These videos, along with our

  • Corporate Boards May Be Blind to Risks

    October 15, 2019 Published: The Institute of Internal Auditors (IIA) Unique Survey Finds Critical Gap Between What Boards Think Is Going On and What’s Really Happening Boards are significantly overconfident when it comes to addressing the thorniest issues facing organizations today. Board members have greater confidence in their organizations’ ability to manage key risks than members of

  • IFAC sees greater adoption of global accounting standards

    October 14, 2019 Published: Accounting Today The International Federation of Accountants issued a report Monday indicating strong support for international accounting and auditing standards, particularly in areas where IFAC member organizations are involved in the process from beginning to end. The report includes data from more than 170 professional accountancy organizations that make up IFAC’s

  • FRC reviews of disclosures relating to reporting requirements

    October 10, 2019 Published: FRC Companies have responded positively to newly introduced reporting requirements for Revenue Recognition and Financial Instruments but there is still considerable scope for them to improve the quality of their annual report disclosures. The findings relate to three thematic reviews conducted by the Financial Reporting Council (FRC) to analyse companies’ disclosures for the

  • International Standards: 2019 Global Status Report

    International Standards: 2019 Global Status Report

    Adoption is one journey, implementation another October 14, 2019 Published: IFAC There are no international laws requiring nations adopt and implement international standards that are fundamental to trust in markets, investments and economic growth. They are adopted because of their quality, legitimacy and impact have been demonstrated and focus on the public interest. They are

  • OECD leading multilateral efforts to address tax challenges from digitalisation of the economy

    October 9, 2019 Published: OECD The OECD Secretariat published a proposal to advance international negotiations to ensure large and highly profitable Multinational Enterprises, including digital companies, pay tax wherever they have significant consumer-facing activities and generate their profits. The new OECD proposal brings together common elements of three competing proposals from member countries, and is based on

  • To rebuild trust in auditors, we need the courage to speak up

    October 7, 2019 Published: Accountancy Europe Marie-Pauline Lauret, Global Head of Internal Audit of a large Dutch listed company, tells us about how auditors can help rebuild trust in the profession by speaking up and looking beyond the scope of their role. Auditors can change culture! Auditors have the power to change corporate culture from

  • What RPA is and how it works

    October 1, 2019 Published: Journal of Accountancy Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA, director of entrepreneurial advisory services at PKF Texas. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores. https://www.journalofaccountancy.com/videos/what-is-robotic-process-automation.html

  • Key audit matters in European Banking sector – update 2019

    Auditors identifying risks October 7, 2019 Published: Accountancy Europe Key audit matters (KAMs) are the most significant risks in the audit of financial statements. They have the biggest impact on overall strategy and the allocation of resources in an audit. KAMs are communicated by the auditor in their report. Reporting on KAMs opens the way

  • Cybersecurity, Resiliency, and the Role of Financial Regulators

    Cybersecurity, Resiliency, and the Role of Financial Regulators

    DATE:           Oct. 3, 2019 SPEAKER:   Kathleen M. Hamm, Board Member EVENT:         Program on International Financial Systems Technology and Capital Market Regulation Conference LOCATION: Tokyo, Japan I. Introduction Good morning. Thank you to Harvard Law School’s Program on International Financial Systems for inviting me to speak at this symposium on “Technology and Capital

  • 21% of JSE-Listed Companies have changed their auditors ahead of MAFR deadline

    October 8, 2019 Published: The Accountant With less than four years remaining until the effective date of Mandatory Audit Firm Rotation (MAFR) (1 April 2023) in South Africa, roughly 21% of the JSE Ltd main board listed companies have voluntarily rotated auditors since the Independent Regulatory Board for Auditors (IRBA) started tracking audit firm rotations

  • Critical audit matters: What firms are reporting

    October 4, 2019 Published: Journal of Accountancy By: Maria L. Murphy, CPA Some important themes are emerging in auditors’ reporting of critical audit matters, which are the key component of the biggest change to public company auditor reporting in 70 years. Goodwill and intangible assets, revenue, and income taxes were the most frequent topical areas reported

  • IOSCO publishes updates to peer reviews of regulation of MMFs and securitization

    October 2, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published two update reports entitled Update to the IOSCO Peer Review of Regulation of Money Market Funds and Update to the IOSCO Peer Review of Implementation of Incentive Alignment Recommendations for Securitisation. These reports summarize IOSCO’s ongoing efforts to monitor implementation of

  • Profession in Focus: Communicating the Commitment to Audit Quality

    October 1, 2019 Published: The Caq This edition of Profession in Focus features Christopher Tower, National Assurance Managing Partner for Audit Quality and Professional Practice at BDO USA LLP. Tower provides an overview of the many ways that BDO communicates the firm’s strong commitment to audit quality, both externally and internally. He also provides insights

  • Research supports the FRC taking firmer action on regulation

    October 2, 2019 Published: The Accountant The UK’s Financial Reporting Council (FRC) citizens’ juries believe the FRC should take firmer action to hold companies to account, says new research. The citizens’ juries allowed participants to be presented with, and have time to discuss topics including corporate reporting, corporate governance, audit and the FRC’s work in

  • New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits

    September 24, 2019 Published: Journal of Accountancy By: Ken Tysiac New Technical Questions and Answers (TQAs) posted Tuesday by the AICPA provide nonauthoritative guidance related to single audits. The Office of Management and Budget’s 2019 Compliance Supplement contains new guidance for single audits, which are compliance audits performed under the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for

  • Alliance of accounting organisations finds multidisciplinary firm structure benefits audit quality

    September 27, 2019 Published: The Accountant A global alliance of accounting organisations has found firms that offer both audit and non-audit services are best positioned to deliver robust and reliable assurance. A report published by Chartered Accountants Australia and New Zealand (CA ANZ), the Association of Chartered Certified Accountants (ACCA) and the International Federation of

  • OECD: Use of Digital Technologies set to increase Tax compliance

    September 24, 2019 Published: The Accountant The recently published eighth edition of the OECD’s Tax Administration Series reveals how tax administrations are increasingly moving to e-administration and using a range of technology tools, data sources and analytics to increase tax compliance. According to the report, an increase in e-administration are creating more options for online filing of

  • Profession in Focus: The Strong State of Investor Confidence in 2019

    September 18, 2019 Published: The Caq On this edition of Profession in Focus, get insights from CAQ Executive Director Julie Bell Lindsay on the state of US investor confidence. Lindsay provides context on the importance of strong investor confidence for the capital markets, gives an overview of the CAQ’s annual Main Street Investor Survey, and

  • Voices: Operating vs. finance leases: The impact of the new standard

    September 24, 2019 Published: AccountingToday By: Kevin Rhode The clock is ticking on the countdown to the implementation of the new lease accounting standard for private companies. According to reports from the Securities and Exchange Commission and the U.S. Chamber of Commerce, U.S. companies currently have an estimated $2.8 trillion in operating lease obligations that are

  • Climate Action in a Climate Emergency

    September 19, 2019 Published: IFAC By: Kevin Dancey, Chief Executive Officer, IFAC Climate change is serious. The threat is immediate. There is no long-term planning horizon. It is one of those big, scary, multi-faceted societal problems that will require serious, coordinated vision and leadership to solve. This is not a problem we can wish away

  • 2019 Main Street Investor Survey

    2019 Main Street Investor Survey

    September 18, 2019 Published: The Caq The CAQ’s Main Street Investor Survey annually measures retail investor confidence in US capital markets, global capital markets, public companies, and audited financial information. In 2019, key findings from the survey include the following: ·         74% of US investors express confidence in US capital markets. ·         76% of US investors have confidence

  • Taxes on polluting fuels are too low to encourage a shift to low-carbon alternatives

    September 20, 2019 Published: OECD Taxing polluting sources of energy is an effective way to curb emissions that harm the planet and human health, and the income generated can be used to ease the low-carbon transition for vulnerable households. Yet 70% of energy-related CO2 emissions from advanced and emerging economies are entirely untaxed, offering little incentive

  • The IIA Releases New Practice Guide on Demonstrating the Core Principles for the Professional Practice of Internal Auditing

    September 19, 2019 Published: The Institute of Internal Auditors The IIA’s Core Principles for the Professional Practice of Internal Auditing are part of the IPPF’s Mandatory Guidance. The principles validate the effectiveness, credibility, and value of the internal audit activity within an organization’s governance structure.   This new practice guide explains the concepts embodied in the

  • Integrated thinking is a game changer for sustainable corporate governance

    September 12, 2019 Published: The International Integrated Reporting Council (IIRC) By: Olivier Boutellis-Taft, CEO, Accountancy Europe Since the industrial revolution, the market economy has propelled prosperity, well-being, life expectancy, cultural creativity and personal fulfilment. However, our economy is also aggravating natural resource depletion, deadly pollution, over-consumption and growing social concerns ranging from income inequality to climate migrations.

  • Cybersecurity Tops Business Risks, say Internal Auditors

    September 11, 2019 Published: International Accounting Bulletin A new survey has found the top three risks faced by businesses across Europe are: cybersecurity (78%), regulatory change (59%) and digitalisation (58%). The survey of 528 Chief Internal Auditors (125 from the UK and Ireland) is part of the Chartered IIA’s Risk in Focus 2020 report. The

  • Asamblea Anual 2019

    Asamblea Anual 2019

    Con fecha 5 de septiembre de 2019 se celebró Asamblea Anual de AEChile. Las materias tratadas, según lo dispuesto en los Estatutos de la Asociación, fueron las siguientes: A- Cuenta Anual del Presidente de la Asociación, resaltando los asuntos que deben ser abordados por el nuevo directorio;  B- El directorio aprobó los Estados Financieros al

  • Presentación “Chile Day 2019” – Joaquín Cortez

    Presentación “Chile Day 2019” – Joaquín Cortez

    10 de septiembre de 2019 Publicado por CMF Descargar presentación aquí

  • New video: the Joint Forum on Actuarial Regulation (JFAR)

    August 22, 2019 Published: Financial Reporting Council (FRC) What is the JFAR?Find out about what the Joint Forum on Actuarial Regulation (JFAR) do and more about its Risk Perspective updates through this short video. https://www.frc.org.uk/news/new-august-2019/new-video-the-joint-forum-on-actuarial-regulation

  • 5 Key Factors to Enhance Audit Committee Effectiveness

    September 9, 2019 Published: IFAC By:  Laura Leka , Technical Manager, Global Accountancy Profession Support, IFAC and Laurie Tugman, IFAC PAIB Committee Member Corporate failures and scandals across countries, including the recent collapses of Carillion, Patisserie Valerie and London Capital & Finance in the UK, failings in South Africa’s state-owned entities Transnet, Eskom, and South African Airways, and

  • More efforts needed to boost trust in business and finance

    September 9, 2019 Published: OECD Policy makers should step up their efforts to bolster public trust in finance to reduce the risks of contagion if economic growth and financial returns continue to fall, according to a new OECD report. The 2008 global financial crisis marked a turning point in the way governments considered the role

  • AICPA issues auditor practice aid on CECL standard

    September 9, 2019 Published: Accounting Today The American Institute of CPAs has released a practice aid to help auditors with the allowance for credit losses under the Financial Accounting Standards Board’s new standard for measuring credit losses on financial statements. The practice aid, Allowance for Credit Losses — Audit Considerations, focuses on loans measured at amortized

  • FASB proposes guidance to ease transition to new benchmark rates

    September 5, 2019 Published: Journal of Accountancy FASB is seeking feedback on a proposed Accounting Standards Update (ASU) designed to reduce the accounting costs and complexities related to the migration from interbank-offered interest rates to new reference rates. The proposed ASU, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,would establish

  • FRC publishes annual report as the transition to a new regulator progresses

    September 6, 2019 Published: FRC The Financial Reporting Council (FRC) has today published its annual report for 2018/19 setting out its progress against commitments to tackle poor-quality audit work, boost Enforcement resourcing and improve the quality of reporting.      During the year the FRC substantially revised the UK’s Corporate Governance Code and consulted on an overhaul of the

  • Exposure Draft 69, Public Sector Financial Instruments, Amendments to IPSAS 41, Financial Instruments

    August 27, 2019 Published: IFAC Exposure Draft 69, Public Sector Financial Instruments, Amendments to IPSAS 41, Financial Instruments provides guidance on how to account for a number of important categories of financial instruments that are unique to the public sector. The proposed new Standard will augment existing guidance in IPSAS 41, Financial Instruments, and improves that Standard’s requirements by

  • IFAC launches ‘Future-Fit’ series to address changing role of accountants

    September 5, 2019 Published: The Accountant With a changing and uncertain business environment, Chief Financial Officers (CFOs) and finance functions must evolve to sit at the heart of decision making within their organisations, according to a series launched by IFAC (the International Federation of Accountants). The series includes: – A vision for the CFO and

  • The Role of the Global Accountancy Profession in Addressing 21st Century Public Sector Challenges

    September 3, 2019 Published: IFAC The public sector is facing a multitude of challenges globally, from budgetary pressures and revenue limitations to intense scrutiny of public finances, all at the same time as rapidly increasing demand for high-quality public services. Around the world, common issues have emerged with many countries facing: – Increasingly less citizens

  • IFIAR comments on IAASB Exposure Drafts for ISQM 1, ISQM 2 & ISA 220

    July 1, 2019 Published: IFIAR The International Forum of Independent Audit Regulators (IFIAR) appreciates the opportunity to comment on the International Auditing and Assurance Standards Board (IAASB) exposure drafts for ISQM 1 (Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements), ISQM 2 (Engagement Quality Reviews)

  • The IIA Releases New Practice Guide on the Foundations of Internal Auditing in Financial Services Firms

    August 26, 2019 Published: The Institute of Internal Auditors The demand for internal auditors with financial services knowledge and experience is growing rapidly, propelled by regulatory pressures to appropriately staff internal audit programs with the right volume and caliber of resources. This has led many internal audit activities within the highly regulated financial services industry

  • UK NAO launches public consultation on new Draft Code of Audit Practice

    August 30, 2019 Published: The Accountant The UK National Audit Office (NAO) has launched a public consultation on its proposed update of the Code of Audit Practice ahead of it coming into effect in April 2020. The Code sets out what local auditors of relevant local public bodies (such as councils, police, fire and NHS

  • Strengthened Going Concern Standard for UK Auditors

    September 30, 2019 Published: The Accountant The UK’s Financial Reporting Council has issued a revised going concern standard in response to recent enforcement cases. It is also in response to recent corporate failures where the auditor’s report has failed to highlight concerns about the prospects of entities which collapsed shortly after. The revised standard, ISA

  • Webcast on Critical Audit Matters

    April 1, 2019 Published: The Caq Auditors conducting audits in accordance with PCAOB auditing standards will soon be required to communicate critical audit matters in their auditor’s reports. The requirement will be applied first to audits of large accelerated filers with periods ending on or after June 30, 2019. In this CAQ webcast—recorded in April

  • AICPA proposes changes to auditor reporting standards

    August 28, 2019 Published: AccountingToday The American Institute of CPAs’ Auditing Standards Board has proposed amendments to three sets of auditing standards for special-purpose, single and summary financial statements. For the exposure draft of the proposed Statement on Auditing Standards Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes from SAS No. 134, the board

  • Presentación “Información comercial, nuevas tecnologías y supervisión”

    Presentación “Información comercial, nuevas tecnologías y supervisión”

    21 de agosto de 2019 Publicado por: CMF Congreso Nacional de Crédito y Cobranza Christian Larraín, Vicepresidente Consejo de la Comisión para el Mercado Financiero Descargar PDF aquí

  • IRS program to prevent personal data loss is delayed

    August 26, 2019 Published: AccountingToday Taxpayers’ personal information and tax account data remain at risk of being leaked from the Internal Revenue Service’s computer networks despite progress on a data loss prevention program, according to a new report. The IRS began a program known as the Safeguarding Personally Identifiable Information Data Extracts Project, which is

  • AICPA issues forensic accounting standards

    By Jeff DrewJuly 10, 2019 The AICPA on Wednesday issued new professional standards for members who perform forensic accounting services engagements. The Statement on Standards for Forensic Services No. 1 (SSFS 1) provides authoritative guidance for AICPA members providing litigation and investigative services. Specifically, the statement defines litigation and investigation for accounting purposes, outlines key considerations for

  • PCAOB issues staff guidance on auditing estimates, specialists

    August 22, 2019 Published: Journal of Accountancy The PCAOB released four staff guidance documents Thursday that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists. The new standards will take effect for audits of financial statements for fiscal years

  • ASB addresses challenges in auditing accounting estimates

    August 22, 2019 Published: Journal of Accountancy A proposal issued Thursday by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates. The proposal is intended to address the challenges that auditors face when auditing accounting estimates by providing risk assessment requirements and further audit procedures that: Are more

  • PCAOB Staff Provides Guidance for New Requirements on Auditing Estimates & Auditor’s Use of the Work of Specialists

    PCAOB Staff Provides Guidance for New Requirements on Auditing Estimates & Auditor’s Use of the Work of Specialists

    August 22, 2019 Published: PCAOB The Public Company Accounting Oversight Board today released four staff guidance documents to raise awareness and assist auditors in advance of the effective date of new estimates and specialists audit requirements. The requirements are effective for audits of financial statements for fiscal years ending on or after December 15, 2020. 

  • Investor Relations: Get up to speed now on Critical Audit Matters

    Investor Relations: Get up to speed now on Critical Audit Matters

    July 9, 2019 Published: The Caq Starting in the summer of 2019, auditors will be required to communicate critical audit matters (CAMs) in their auditor’s reports. Investors with questions about CAMs may turn to a company’s investor relations (IR) group for answers. To help inform IR professionals as they prepare for those conversations, the CAQ

  • Featured Video: FASB Distinguishing Liabilities from Equity

    August 2019 Published: FASB FASB Member Gary Buesser and Project Manager Aarika Friend look at the FASB’s proposal to improve guidance for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. https://www.fasb.org/home

  • FASB proposes delay to Insurance Standards on long-duration contracts

    August 22, 2019 Published: The Accountant The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply a standard that addresses this area of financial reporting. On 15 August 2018, the FASB

  • New AICPA discussion paper tackles materiality

    August 21, 2019 Published: The Accountant A new discussion paper from the American Institute of CPAs (AICPA) discusses the challenges of determining materiality in an attestation engagement when subject matters cannot be quantitatively measured. Materiality Considerations for Attestation Engagements Involving Aspects of Subject Matters That Cannot Be Quantitatively Measured, developed by a Working Group of

  • How to effectively implement innovation

    August 19, 2019 Published: Journal of Accountancy Business Insider not too long ago published a list of some of the worst product launches in history. While it’s funny to recall that Coke once thought it was a good idea to abandon its classic formula, many of these stories are learning opportunities for today’s accounting firms planning their strategies

  • GASB issues lease accounting implementation guide

    August 15, 2019 Published: Journal of Accountancy GASB issued an implementation guide Thursday that contains questions and answers about the board’s new lease accounting standard for state and local governments. Implementation Guide No. 2019-3, Leases, provides guidance for preparers on how to apply the rules in GASB Statement No. 87, Leases, including: – Scope and applicability. –

  • IOSCO to launch 2019 World Investor Week to promote investor education

    August 14, 2019 Published: IOSCO The International Organization of Securities Commissions (IOSCO) is preparing to launch its third annual World Investor Week (WIW) from 30 September to 6 October 2019, after its successful organization in 2017 and 2018. WIW is a week-long, global campaign, which aims to promote investor education and investor protection, highlighting the

  • Non-Financial Reporting: «…it is about staying in business»

    August 14, 2019 Published: Accountancy Europe This interview was realised by Ivan Chaliy, Chief Editor of IFRS Practice Journal with Hilde Blomme, Accountancy Europe Deputy CEO.   Ivan Chaliy (IC): What do you think of the obliged regulation of forming a sustainability report? Hilde Blomme (HB):  Since 2018 large EU companies need to report such

  • Profession in Focus: Accelerated Filers, ICFR Audits, and Investor Protection

    August 1, 2019 Published: The Caq On this edition of Profession in Focus, get insights on regulatory developments and investor protection from Catherine Ide, CPA, Senior Managing Director of Professional Practice and Member Services at the CAQ. Ide explains the significance of companies’ filing statuses, particularly regarding requirements related to audits of internal control over

  • Auditors suffer when they issue negative opinions

    August 13, 2019 Published: International Accounting Bulletin Auditors get a bad reputation when they do their job properly according to new research. In a report being presented at the American Accounting Association’s annual meeting entitled Don’t Make Me Look Bad: How the Audit Market Penalizes Auditors for Doing Their Job, researchers found that flagging material weaknesses

  • Machine Learning: More Science Than Fiction

    August 12, 2019 Published: IFAC By: Narayanan Vaidyanathan, Head of Business Insights, ACCA Artificial intelligence (AI) is having an enormous impact on our consciousness. And machine learning (ML), which uses mathematical algorithms to crunch large data sets, is being increasingly explored for business applications in AI-led decision making. Following several years with the belief that AI

  • Eliminating biases that jeopardize audit quality

    August 1, 2019 Published: Journal of Accountancy By Billy E. Brewster, CPA, Ph.D.; Janet B. Butler, CPA (inactive)/CITP, CGMA, Ph.D.; and Ann L. Watkins, CPA, Ph.D. Certain cognitive biases pose threats to audit work, but it’s possible to recognize and overcome them. Auditing standards state that inquiry alone does not provide sufficient evidence regarding the

  • Companies find lease accounting more challenging than expected

    Both public and private companies are underestimating the challenges of transitioning to the new lease accounting standard, according to a new survey. The survey, by lease accounting technology company LeaseQuery, found that only 37 percent of companies in the early stages of implementation anticipate that their transition would be difficult. However, 67 percent of companies in

  • Global Accountancy Education: Preparing Future-Ready Accountants

    July 2, 2019 Published: IFAC To assist Professional Accountancy Organizations (PAOs) and other key stakeholders to prepare future-ready professional accountants, IFAC is establishing a comprehensive, integrated approach to respond to accountancy education challenges and opportunities posed by a rapidly changing environment. Accountancy education is a strategic priority for IFAC. Consequently, it is important that the

  • Voices Accounting in the fourth industrial revolution

    There seems to be much conversation recently around the notion that tax, bookkeeping and accounting jobs are going away over the next five to 10 years — eclipsed by the advancement of technology. Artificial intelligence, machine learning and blockchain are seen as emerging technologies that will lead to the automation and ultimate elimination of your

  • Better business decisions with assurance on non-financial information by Olivier Boutellis-Taft and Mario Abela

    People need to be able to rely on corporate information to make important decisions surrounding investing, buying products or signing employment contracts. Non-financial corporate information (NFI), such as environmental or social impacts, is essential to get the full picture of a company’s performance. Financial information alone cannot provide this anymore. Ultimately, integrating NFI leads to longer

  • Voices The human-technology balance that accounting needs

    Advances in technology are rewriting the rules for how business is done across all industries. In particular, the buzzwords of machine learning and artificial intelligence have sparked concern throughout the accounting profession. We’ve constantly seen predictions from multiple sources (like this study from McKinsey) that suggest as many as 800 million jobs will be lost worldwide

  • Voices GAAP vs. IFRS for property, plant and equipment

    In the area of fixed assets and the resultant depreciation there are some major differences between the GAAP rules codified in ASC Topic 360 and the IFRS rules in IAS 16. In GAAP there is only one way to initially record a fixed asset and that is the cost method. The cost method involves recording

  • IESBA proposes changes to code of ethics for accountants

    The International Ethics Standards Board for Accountants proposed some changes Wednesday to the International Code of Ethics for Professional Accountants to improve the mindset expected of accountants. The exposure draft, Proposed Revisions to Promote the Role and Mindset Expected of Professional Accountants, comes in response to calls from different stakeholders asking the Ethics Board to explore

  • Profession in Focus: Critical Audit Matters, Investors and Investor Relations

    July 15, 2019 Published: The CAQ On this edition of Profession in Focus, get insights on critical audit matters (CAMs), from Dennis McGowan, CPA, Technical Director of Professional Practice at the CAQ. McGowan provides an overview of the CAMs requirement, when it becomes effective, why investor relations professionals should anticipate CAMs questions, and what kinds

  • Voices The economic case for ESG disclosure

    Tim Mohin is chief executive of the Global Reporting Initiative (GRI), an independent international organization that helps businesses and other organizations understand and communicate their sustainability impacts. When it comes to corporate transparency, the United States is at a crossroads. To one side is maintaining the status quo, with a patchy reporting landscape for environmental,

  • AICPA weighs in with IRS on excise taxes for donor-advised funds

    The American Institute of CPAs sent a set of recommendations to the Internal Revenue Service on the application of excise taxes to donor-advised funds. DAFs have become an increasingly prevalent way for philanthropists to give funds to charities, as an alternative to private foundations. Donors can claim tax deductions the following year, but recommend specific

  • Better business decisions with assurance on non-financial information

    by Olivier Boutellis-Taft and Mario Abela People need to be able to rely on corporate information to make important decisions surrounding investing, buying products or signing employment contracts. Non-financial corporate information (NFI), such as environmental or social impacts, is essential to get the full picture of a company’s performance. Financial information alone cannot provide this

  • Protecting clients: Manufacturers are high-risk for data breaches

    Cybersecurity is top of mind today for accountants, the industry having faced several high-profile attacks this year. But accounting professionals also have to keep in mind the vulnerability of their clients, and different types of clients face different levels of risk. One of the most highly sought after prizes for malicious hackers, after money, is

  • Overview of Exposure Draft Amendments to IFRS 17

    July 4, 2019 Published: IFRS A recorded webinar is available providing an overview of the Exposure Draft Amendments to IFRS 17, published by the International Accounting Standards Board on 26 June 2019. The presenters are Laura Kennedy and Roberta Ravelli, Technical Staff at the IFRS Foundation. This recording took place to provide national standard-setters with an overview of

  • AICPA issues forensic accounting standards

    By Jeff DrewJuly 10, 2019 The AICPA on Wednesday issued new professional standards for members who perform forensic accounting services engagements. The Statement on Standards for Forensic Services No. 1 (SSFS 1) provides authoritative guidance for AICPA members providing litigation and investigative services. Specifically, the statement defines litigation and investigation for accounting purposes, outlines key considerations for

  • MAZARS welcomes consultation on CMA proposals

    July 19, 2019 Published: International Accounting Bulletin Marking the launch of the eight-week consultation period for the Competition & Markets Authority (CMA) proposals on statutory audit, Mazars says it supports the Department for Business, Energy & Industrial Strategy’s conclusion that the CMA had produced ‘a thorough and effective range of measures to create a genuinely

  • Closing the expectation gap in audit

    May 9, 2019 Published: ACCA Everyone closely connected to the audit profession, from regulators to the general public, will need to work together in order to close the expectation gap. Key messages: – The public sees audit as part of the solution for preventing company failure. – The public demands more responsibilities for auditors in

  • Statement on IOSCO Liquidity Management Recommendations for Investment Funds

    July 18, 2019 Published: IOSCO By: Ashley Alder, IOSCO Board Chair Liquidity problems which have recently affected some investment funds have been the subject of extensive media coverage. The Bank of England published a Financial Stability Report of the Financial Policy Committee (FPC), a committee of the Bank of England, earlier this month, which discusses

  • IASB proposes amendments to accounting for Deferred Tax

    July 17, 2019 Published: IFRS The International Accounting Standards Board (Board) has today published for public comment proposed changes to the IFRS Standard for income tax, IAS 12. The amendments clarify how companies account for deferred tax on leases and decommissioning obligations. IAS 12 specifies how a company accounts for income tax, including deferred tax,

  • Draft Code on Internal Audit aims to reduce risk of major UK Corporate collapses

    July 15, 2019 Published: International Accounting Bulletin A draft code to strengthen corporate governance and help reduce the risk of major corporate collapses in the UK by boosting the status, standards, scope and skills of internal audit has been launched by the Chartered Institute of Internal Auditors. The institute is now seeking feedback and is

  • FRC consults on enhanced Ethical and Auditing Standards

    July 15, 2019 Published: The Accountant The Financial Reporting Council (FRC) has issued a consultation proposing changes to the UK’s Ethical and Auditing Standards. The FRC proposes to set more stringent ethical rules for auditors, in response to findings from recent audit enforcement cases and from audit inspections. In response to feedback from investors, the

  • ASB addresses ERISA plan auditor reporting, other information in annual reports

    July 10, 2019 Published: Journal of Accountancy By Ken Tysiac In separate standards issued Wednesday, the AICPA Auditing Standards Board (ASB): – Changed requirements for auditor reporting and performance on ERISA (Employee Retirement Income Security Act) plan financial statements. – Amended rules for the purpose of improving transparency regarding auditors’ responsibilities related to other information

  • Borrowing costs and revenue recognition

    June 24, 2019 Published: IFRS The IFRS Interpretations Committee (Committee) recently published an agenda decision on ‘over time transfer of a constructed good’. The agenda decision responds to a question received about the application of IAS 23 Borrowing Costs to the construction of a multi-unit housing development. The agenda decision explains why the Committee concluded that, in the specific

  • PCAOB Posts CAM Resources for Investors and Audit Committees

    PCAOB Posts CAM Resources for Investors and Audit Committees

    July 11, 2019 Published: PCAOB Today the PCAOB released two new resources on critical audit matters (CAMs), one specifically for investors and the other for audit committees. These resources advance the Board’s strategic priority of cultivating effective communications with stakeholders, as well as providing timely, relevant, and useful information to them. The Board is committed

  • AICPA issues forensic accounting standards

    July 10, 2019 Published: Journal of Accountancy By Jeff Drew  The AICPA on Wednesday issued new professional standards for members who perform forensic accounting services engagements. The Statement on Standards for Forensic Services No. 1 (SSFS 1) provides authoritative guidance for AICPA members providing litigation and investigative services. Specifically, the statement defines litigation and investigation for accounting

  • No-Deal BREXIT Contingency measures in EU Budget

    July 9, 2019 Published: International Accounting Bulletin The European Council has adopted contingency measures on the implementation and financing of the 2019 EU budget in the event of a no-deal Brexit. The aim of the measures is to mitigate the impact of a no-deal scenario for funding in a wide range of areas such as

  • FASB seeks Stakeholders input on certain identifiable Intangible Assets and the subsequent accounting for Goodwill

    July 9, 2019 Published: FASB The Financial Accounting Standards Board (FASB) today issued an Invitation to Comment (ITC) seeking stakeholder input on the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill. Stakeholders are asked to comment on the ITC by October 7, 2019. Private companies and not-for-profit organizations currently have

  • FRC revises practice notes on Financial Sector Audits

    July 4, 2019 Published: The Accountant The Financial reporting Council (FRC) has issued a revision of Practice Note 19: The audit of banks and building societies in the United Kingdom. Such Practice Notes are aimed at helping practitioners to comply with the requirements of UK auditing standards, providing additional contextual material. The Practice Note has been

  • Auditing Accounting Estimates, Including Fair Value Measurements

    July 2, 2019 Published: PCAOB What was changed? The new standard replaces three existing standards by establishing a single standard that sets forth a uniform, risk-based approach. It emphasizes that auditors need to apply professional skepticism, including addressing potential management bias, when auditing accounting estimates. The new standard also provides more direction on addressing certain

  • Auditor´s Use of the Work of Specialists

    July 2, 2019 Published: PCAOB What was changed? Published: PCAOB The amendments adopted by the Board strengthen the requirements for evaluating the work of a company’s specialist, whether employed or engaged by the company. They are designed to increase audit attention in areas where a specialist is used and to align the applicable requirements with the

  • The PCAOB´s Chief Auditor Megan Zietsman Talks abaut CAM Resources

    June 28, 2019 Published: PCAOB Auditors will soon be required to communicate critical audit matters (CAMs) in the auditor’s report. The Board is committed to supporting effective implementation of CAMs through providing proactive, timely, and useful information to auditors and other interested parties.

  • Financial Regulators welcome UK Government´s Green Finance Strategy

    July 2, 2019 Published: International Accounting Bulletin The Financial Reporting Council (FRC) has issued a joint statement with other financial regulators, including the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR) in response to the UK government’s Green Finance Strategy. The statement notes that the boards of UK companies have

  • Financial / Non- Financial Reporting Frameworks share common principles

    July 2, 2019 Published: The Accountant The world’s leading financial and non-financial corporate reporting frameworks have the same common foundations, based on the key objectives of transparency and accountability, according to a position paper published by the framework providers. The position paper sets out the seven key principles report preparers should follow for achieving such

  • Get private companies ready for the new revenue standar

    June 27, 2019 Published: Journal of Accountancy Auditors of private companies are reviewing clients’ efforts to prepare for filing financial statements under the new revenue recognition standard in early 2020. In the five years since FASB adopted its landmark guidance in Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606), companies large and

  • IASB consults on amendments to aid implementation of IFRS 17

    June 26, 2019 Published: IFRS The International Accounting Standards Board (Board) has today proposed amendments to the insurance contracts Standard, IFRS 17, for public consultation. The aim of the amendments is to continue supporting implementation by reducing the costs of implementing the Standard and making it easier for companies to explain their results when they

  • The Global Accountancy Profession’s Call to Action for G20 Leaders

    Jun 20, 2019 Published: IFAC Counting on Society 5.0 At a time of economic and political uncertainty, IFAC’s recommendations focus on actions that will strengthen the economy, ensure progress toward the Sustainable Development Goals, and create a fair and empowered digital economy. G20 countries play a crucial role in fostering institutions and governance models that can anticipate,

  • CPAs discuss hot topics in financial planning, tax, and technology

    June 24, 2019 Published: Journal of Accountancy Featuring Mike Landsberg, CPA/PFS; Sarah Lane, CPA/PFS; David Oransky, CPA/PFS; Brooke Salvini, CPA/PFS; and David Stolz, CPA/PFS The three estate planning documents everyone should have. https://www.journalofaccountancy.com/videos/pfp-tax-practice-management-2018-engage.html

  • Companies starting to use AI technology to fight fraud

    June 24 2019 Published: Accounting Today Companies are beginning to employ advanced technologies such as artificial intelligence and machine learning to uncover fraud, according to a new report. The report, from the Association of Certified Fraud Examiners and analytical technology provider SAS, found that 13 percent of organizations currently use AI or machine learning to

  • Better business decisions with assurance on non-financial information

    Junio 20, 2019 Published: Accountancy Europe by Olivier Boutellis-Taft and Mario Abela People need to be able to rely on corporate information to make important decisions surrounding investing, buying products or signing employment contracts. Non-financial corporate information (NFI), such as environmental or social impacts, is essential to get the full picture of a company’s performance.

  • Audit evidence standard would be updated under proposal

    June 20, 2019 Published: Journal of Accountancy Issues such as the use of emerging technologies and the application of professional skepticism are addressed in a new audit evidence standard proposed Thursday by the AICPA Auditing Standards Board (ASB). Proposed Statement on Auditing Standards (SAS), Audit Evidence, addresses the evolving nature of business and audit services as well as

  • European Commission publishes Climate-Related Guidelines

    June 20, 2019 Published: International Accounting Bulletin The European Commission has published new guidelines on corporate climate-related information reporting, as part of its Sustainable Finance Action Plan. The guidelines will provide companies with practical recommendations on how to better report the impact that their activities are having on the climate as well as the impact

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