• 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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