• 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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)

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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,

  • 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

  • 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