• 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

  • 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

  • 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

  • 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

  • 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

  • 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:

  • 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

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

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  • 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

  • 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

  • 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

  • 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 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

  • 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

  • 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

  • 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

  • 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

  • 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