Prague

The Response of the ARC PG to the IAASB Discussion Paper on Audit of Less Complex Entities

By Boris Michels, Andrew Jones and Prof Dr Michel De Wolf, GGI ARC Practice Group

The International Auditing and Assurance Standards Board (IAASB) seeks to further understand the challenges of using ISAs in audits of less complex entities – and views about possible actions to address these challenges. It recognises the global call for action to address issues of complexity, length, understandability, scalability, and proportionality related to using the International Standards on Auditing. Continuing the debate on these strategic issues, the IAASB published a Discussion Paper in order to get views of various stakeholders on how to support auditors working in this increasingly evolving environment.

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Street in Brussels

Audit and SMPs: There is a Way!

By Prof Dr Michel De Wolf, DGST Réviseurs d’entreprises

As you may know, IOSCO and its worldwide “monitoring group” overseeing the world audit and ethical standard setting process, are focusing on audit standards for public-interest entities, with no interest for “SMEs”. This is, of course, of special concern for all non-Big-Four audit practices. Meanwhile, IAASB is launching a project around the question of the scalability of ISAs, which could lead to an “ISA for SME”.

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computer with software in use in an office

US GAAP Accounting for Software Implementation Costs

By Jeffrey A. Ford, Grossman Yanak & Ford LLP

Much confusion exists regarding the capitalisation of software implementation costs, whether developed for internal use, purchased, licensed or incurred in a cloud computing arrangement. Examples of software for internal use include ERP, CRM and many other systems. This article does not apply to software for resale or for use in R&D.

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cybersecurity

Evaluating Cybersecurity Risk from the Executive Seat

By Jeff Bathurst, SC&H Group

Today, technology is an element of nearly every business, which means every business on earth needs a practical cybersecurity plan. If you collect confidential data or utilise cloud technology, that information is potentially vulnerable. But fear isn’t the answer – preparation is.

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Can GGI Successfully Participate in a Cross-Border Audit Tender Process?

By Anders Hübertz Mortensen and Mads Anker Jensen, Dansk Revision Randers

During the autumn of 2018, one of our clients asked us if we could facilitate an audit tender for them. Their current solution in Germany and Switzerland was, for a number of reasons, unsatisfactory, due mainly to the fact they did not feel anyone had taken the responsibility as group auditor. This made the yearend process slow and frustrating. For historical issues, our firm has a strong position in the group. They still wanted our company, Dansk Revision Randers (Denmark), to be the auditor for the Danish entity but wanted a change for the rest.

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Luxembourg

Riding a crocodile - ISA600

By Helmut Havenith, Audit Central SARL

Part II of a two-part series
The respect of ISA600 on group audits has become a focus of the regulators of the profession. Having discussed last time on consolidated financial statements hereafter a few more lines on the standard.

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Occupational Fraud and Abuse

By Ufuk Doğruer, Financial Axis Independent Audit & Consulting Inc

What is ‘Occupational Fraud’? ‘Occupational fraud’ occurs if the top management, employees or third parties are deliberately engaged in fraudulent behaviours in order to provide benefits. The fraudulent forms of movement aimed at providing unfair gains can be realised in many different forms.

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The role of audit on Construction Works in Brazil

By André Henrique Gaspar de Oliveira and Luísa Zanini da Fontoura, Maciel Auditores

Over the years, auditing has retained its significance in public finance and, as such, Supreme Audit Institutions (SAI) 1 receive constitutional recognition in many countries around the world, including Brazil. Although it has been argued that Brazil suffers from serious accountability deficits, here, as watchdogs of public finances, the auditors act to enforce accountability of executive agencies to national and state legislatures and through them to the general public.

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