By Aradhana Ashok, JAA & Associates
As a measure of continuous improvement in audit quality and in response to high profile audit failures, in late 2020, the International Auditing and Assurance Standards Board (IAASB) issued two new and revised quality management standards.
By Valeria Khmelevskaya, KBK Accounting
Starting in 2023, amendments to the Russian rules regarding mandatory auditing for companies will apply, with more companies now exempted from the obligation to conduct mandatory audits of annual financial statements.
By Mujtaba Rai, DataSnipper
Key challenges in auditing over the past 10 years: One of the first things an auditor learns when they join the exciting world of auditing is the expectation gap. The public has always made assumptions about the responsibilities of an auditor and what an audit report is meant to convey. This is an interesting aspect of our jobs, considering the public is one of the most significant stakeholders in any audit.
By Paolo Motto, Three & Partners
Nowadays in Italy if we open the pages of a newspaper, listen to the news, or engage with businesses, banks, or local administrators, we cannot fail to notice that sustainability is at the heart of the debate. Sustainable development – the guiding principle of sustainability – is aimed at meeting the needs of the present generation without compromising the ability of future generations to meet their own.
By Samet Arslan, Finansal Eksen Audit and Consultancy Inc.
With the European Green Deal (Green Deal) announced on 11 December 2019, the European Union (EU) has set its goal of being the first climate-neutral continent in 2050. Following the announcement of the EU that it will reshape all its policies on the axis of climate change by adopting a new growth strategy to achieve this goal, an action plan called the Green Deal Action Plan (GDAP) was created with the contributions of the relevant Institutions to ensure Turkey's adaptation to the Green Deal. Presidential Circular No. 2021/15 on GDAP was published in the Official Gazette dated 16 July 2021.
By Brigitte Jakoby, Jakoby Dr Baumhof
Companies today are challenged with ever-increasing demands regarding sustainability reporting. The variety of options for sustainable strategies, coupled with the fast-moving nature of products, create a daunting task when subjecting these areas to permanent adaptation. Managing these challenges can be very complex and requires the use of digital technologies to keep pace with this issue. A new generation of environmental, social, and governance (ESG) software solutions for a number of areas, such as sustainability management in the supply chain or ESG reporting, is developing rapidly. Companies are mostly aware of the need to search for innovative methods in this area. In contrast, advanced analytics for holistic control and management of supply chains, artificial intelligence for optimising energy consumption, or the use of blockchains for tracking materials throughout the value chain are all still in their infancy.
By Dr Peter Wagesreiter, HSP Rechtsanwälte GmbH
On 23 February 2022, the EU Commission presented its proposal for an EU Supply Chain Law (Directive on Corporate Sustainability Due Diligence). Since then, there has been lively discussion about the proposal, especially in the business world and legal community.
By Samet Arslan, Financial Axis Independent Audit & Consulting Inc
Rapid developments in the world regarding corporate sustainability reporting have also affected Turkey and various regulations have been implemented. The Ministry of Commerce played a leading role by preparing the Green Reconciliation Action Plan in 2021, in cooperation with all relevant public and private sector institutions. The plan is compatible with the transformation policies that are taking place in the world economy, especially in the European Union. The plan promotes green investments and will contribute to the transformation of global value chains, thus, acting as a roadmap that will support value-added production in Turkey.
By Carole Hong Tran, FIDAG SARL
The Covid-19 pandemic precipitated the digital transformation of audit processes in France and paved the way for real-time virtual auditing. The digital auditing trend had started before the pandemic but most companies, especially SMEs, were not ready. The coronavirus pandemic forced them to adopt teleworking and integrate digital technologies to restructure internal processes.
By Thomas Parry, Navolio & Tallman LLP
The AICPA Auditing Standards Board and Accounting and Review Service Committee recently issued four interrelated, final standards on quality management, collectively referred to as the QM standards. The objective of these standards is to converge with the International Standards on Quality Management.