Hamburg, Germany

Exposure draft of the new European Sustainability Reporting Standards (ESRS): New materiality concept and more than 200 KPIs

By Kolja Spee, nbs partners

The Corporate Sustainability Directive (CSRD) was published by the EU Commission in 2021. CSRD oversees the future requirements in terms of corporate sustainability reporting (CSR) for European entities. The date of application is now postponed to fiscal years beginning 01 January 2024 (PIEs), and to financial years beginning 01 January 2025 (large companies).

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Audits of artificial intelligence (AI) systems

by Brigitte Jakoby, Jakoby Dr Baumhof – Wirtschaftsprüfer Steuerberater Rechtsanwälte

Even after many years of developing and using of AI, the question persists of how reliable such systems are. The most discussed topic regarding AI tools is the so called blackbox problem – the fact that humans are often not able to understand how AI generates results. The systems are characterised by great individuality, and therefore there is the risk that automatically performed tasks will be difficult to comprehend and to control. So the question of how to assure the quality of highly complex AI systems is of great importance.

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Ho Chi Minh City, Vietnam

The conversion of VAS to IFRS – what businesses should prepare

By David Truong Lang, Viettonkin Consulting

Undeniably, IFRS – the International Financial Reporting Standards – is very popular with businesses worldwide with recommendations as per OECD’s guidelines. Vietnam Accounting Standards, the so-called VAS, is used specifically for the local accounting system under Vietnamese jurisdiction. Under the impact of globalisation, the transition from VAS to IFRS is inevitable. Thus, in 2020, the Vietnam Ministry of Finance issued Decision No. 345/QD-BTC approving the plan to apply IFRS in the country.

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The German draft standard for audits of less complex entities (LCEs) compared with the IAASB draft

By Brigitte Jakoby, Jakoby Dr Baumhof - Wirtschaftsprüfer Steuerberater Rechtsanwälte

In the last Auditing, Reporting and Compliance (ARC) Practice Group meeting, Prof Dr Michel De Wolf gave an excellent summary of the IAASB draft standard for audits of LCEs. In contrast, Germany issued (draft) German LCE standards in December 2021 which differ from the IAASB approach in some aspects.

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Root cause analysis (RCA) – improving audit quality

By Katherine Rose, Citroen Wells Chartered Accountants

RCA is a technique for identifying the underlying reason behind audit review findings, whether specific to one audit or firm wide, so that an appropriate action can be taken to prevent recurrence of negative outcomes and to promote recurrence of positive ones.

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Warsaw, Poland

European financial integration

By Malgorzata Motyl, Penteris

Information is a core issue for investors in the decision-making process. Removing obstacles for circulating and spreading information is the ground upon which the EU has decided to build the foundations for strengthening the EU single market.

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Sydney, Australia

Know your Australian financial reporting obligations

By Tony Nunes, Kelly + Partners Chartered Accountants

When setting up a business in Australia there are several key planning items that should be addressed which are not always front-of-mind, but if ignored may result in costly mistakes. For example, if an overseas company is conducting business in Australia, it will be required to lodge the foreign parent’s financial statements with the Australian Securities and Investment Commission (ASIC) each year, as well as have other obligations. Therefore it is common for foreign businesses to have an Australian subsidiary.

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How are French auditors dealing with new regulations: Anti-money laundering and terrorist financing

By Carole Hong Tran and her team, FIDAG SARL

French auditors draw particular attention to regulations on antimoney laundering and combating terrorist financing (AML/CFT). The aim is to identify and to assess money laundering and terrorist financing risks. Risk levels are defined according to the type of client (natural or legal client, trust, unincorporated collective investors, persons acting on behalf of the client), the client’s situation (activity, location, particularities) and auditor missions (legal or contractual).

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