Zurich, Switzerland

How Digital Transformation is Changing Audit Processes

By Aldo Dubacher, Mattig-Suter & Partner

Digital transformation is progressing – auditing is not excluded. Therefore, business leaders are increasingly challenged to think about the further development of audit processes to profitably integrate the advantages of digitalisation. This article demonstrates this using the customer journey approach.

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Pittsburgh, USA

Going Concern Considerations in a COVID World

By Jeffrey A. Ford, Grossman Yanak & Ford LLP

Assessing an entity’s ability to continue as a going concern can be challenging even in the best of times. Assessing this in the midst of the COVID pandemic may present additional uncertainties. Nevertheless, auditors and management are required to assess if substantial doubt exists regarding a company’s ability to continue as a going concern for at least twelve months past issuance of financial statements.

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Sao Paulo, Brazil

Accounting-Audit New Opportunities Amid COVID-19 Crisis

By Seres Baum, WGI – Work Group International

The COVID-19 pandemic has transformed the ways and behaviours of people all around the world. The social distancing measures that were implemented to prevent the contagion of the disease, or to modify the timeline of the contagion curve, enhanced some trends that did not seem so obvious.

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Impairment of Assets under COVID-19: Mind the GAAP

By Tanvi Gupta, Ashwani & Associates, Chartered Accountants

We are living through one of the most challenging times in recent history with the COVID-19 pandemic impacting businesses globally and causing turbulence of an unimaginable scale. The resultant effect, worldwide, has led to many entities experiencing significant shifts in demand and supply curves and decline in their market capitalisation. Given the forceful impact of the pandemic, entities need to address whether a triggering event necessitating testing for impairment of its assets has arisen for financial reporting.

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Audit Risks in a COVID-19 Environment

By Tom Parry, Navolio & Tallman LLP

As auditors plan audits of clients with 2020 fiscal year-ends, they will need to consider how the clients have been affected by the pandemic. The US Auditing Standards Board has identified four areas that may present heightened risks for auditors:

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Statue in Paris wearing a surgical face mask

Tax and Fiscal Policy in Response to the Economic Crisis in France after the Lockdown

By Carole Hong Tran, FIDAG SARL

In a post-crisis environment, businesses are increasingly exposed to solvency risks, in addition to liquidity risks, as the crisis continues. Through many immediate decisions, the French government is trying to limit the adverse impacts on the economy and to help businesses stay afloat. Maintaining business cashflow has been a core goal of the fiscal policy measures which have included:

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Pittsburgh, USA

US GAAP Simplification of Accounting for Stock Compensation

By Jeffrey A. Ford, Grossman Yanak & Ford LLP

The FASB ASU 2016-09, Improvements to Share-Based Payment Accounting, simplified several aspects of accounting for share-based payment awards (SPAs) to employees. Here, we focus on those simplifications related to forfeitures, excess tax benefits and tax deficiencies, statement of cash flows classification, and practical expedients for non-public companies. This guidance does not apply to awards to nonemployees.

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Determining Risk Assessment in a Financial Statement Audit

By Ira M. Talbi, Prager Metis International LLC

The American Institute of Certified Public Accountants (AICPA) issues, as necessary, Statements on Auditing Standards (“SAS”). Of the current total of 130+ SAS, numbers 104 to 111 are collectively referred to as the Risk Assessment Standards (“RAS”) and have been in effect since December 2006.

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Brussels, Belgium

New ISA 315: Be Prepared for a Still More Complex Audit Model

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

With the consent of the Public Interest Oversight Board, the International Auditing and Assurance Standards Board (IAASB), at the end of 2019, approved a revised International Standard on Auditing: “Identifying and assessing the risks of material misstatement”. Remarkably, only 15 of its 18 present members carried an affirmative vote in favour of the new standard 1 (see footnote below).

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Disaster Wirecard: Who Is Liable?

By Dr Thomas Ditges, DITGES Rechtsanwälte Wirtschaftsprüfer Steuerberater

The case is unprecedented. A DAX company is insolvent! The market capitalisation was higher than that of Deutsche Bank AG, but the company’s rise was also faster, and the claims of the board of managing directors were more flamboyant. There was no lack of alarms. Since the middle of 2019, the journalists of the Financial Times have remained undaunted. They did not let themselves be dissuaded from their complaints about discrepancies. Banks refused to provide financing.

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