By Imke Reich, nbs partners
In June 2020, the German payment service provider Wirecard AG filed for the opening of insolvency proceedings after its auditor, EY, had refused to certify the 2019 annual financial statements on the basis of EUR 1.9 billion on the balance sheet that could not be verified. Consequently, the company, which had been a member of the German Share Index “DAX 30” since September 2018, had to leave the DAX 30 in August 2020.
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Sameer Kamboj, SKC World
The mistakes we make are rooted in attempting exploration while remaining entangled in the web of our compulsive personalities. Here, mistakes are in reference to scaling up our personal lives and, consequently, our businesses.
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By Katherine Rose, Citroen Wells Chartered Accountants
The end of the Brexit transition period has resulted in significant changes to how businesses operate. Combined with the impact of COVID-19, this presents unique challenges for UK auditors.
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By Katherine Rose, Citroen Wells Chartered Accountants
A revised Ethical Standard (ES) has been released for periods beginning March 2020, that hopes to restore public confidence in audit. Some of the changes only affect the audit of public interest entities (PIEs), but many impact the audit of all entities and are of importance to all who carry out audit work.
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By Smadar Rinat, Prager Metis International LLC
The Association of Certified Fraud Examiners (ACFE) released the “Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse”, covering cases investigated by certified fraud examiners around the globe. Impacted organisations included private, public, government, and not-for-profit entities. Findings of the Report are summarised below.
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By Carole Hong Tran, FIDAG SARL
The French national body of statutory auditors (CNCC) issued a press release in January 2021 explaining various adaptations to 2020 certification reports incorporating the health crisis particularities presented below.
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By Sameer Kamboj, SKC World
“10 Mistakes” is a series I am sharing with you. Read this with an intent to self-realise. As you do so, your mind may try to distract you or reject what you read. It might even trigger your critical thinking and make you sceptical. On the other hand, it might make you believe in everything you read and make you a follower. Be aware of the games your mind will play!
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By Helmut Havenith, Audit Central SARL
Supervisors and auditors agree on one point: fraud. As usual in the matter, the whipping post is ready and candidates to be tied there are abundant. Undeniably, there was something wrong with Wirecard’s business and financial statements.
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By Paul Speidel, Kutchins, Robbins & Diamond, Ltd. (KRD)
Gathering suffcient audit evidence in a remote audit environment is requiring auditors to be creative and to implement new techniques. Physical examinations, inspections, and observations are still required by auditing standards. Also, the auditor is still required to develop an understanding of the controls pertaining to the major transaction cycles and accounting processes, perform fraud interviews, make physical inventory observations, and perform other tasks traditionally done in person.
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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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