New Delhi, India

10 mistakes - Part 5: The devil is in the details

By Sameer Kamboj, SKC World

Today in the fifth part of the tenpart series, 10 mistakes made by entrepreneurs on their path to scaling up, we focus on the theme of “the devil is in the details”. Execution of a successful venture requires a balance between an amazing plan or idea and the in-depth attention to executable details.

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10 mistakes - Part 4: Your Low Emotional Consciousness is Making You Vulnerable!

By Sameer Kamboj, SKC World

This is the 4th part of the tenpart series “10 Mistakes Made by Entrepreneurs on Their Path to Scaling Up”, today on Emotional Vulnerability. Even after becoming emotionally intelligent, we can be vulnerable when we do not deal with our emotions consciously. We become either oversensitive or insensitive to our own and to others’ emotions. Using various techniques of Emotional Intelligence, whether using the Ability model or Trait Model, we are able to get down to the symptomatic levels of our emotions – but we are often unable to understand “Why we are the way we are?”

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Auditor Independence and IT Services

By Jeffrey A. Ford, Grossman Yanak & Ford LLP

New audit independence guidance becomes effective in January 2022 in the US for audit firms that provide technology services. The following are only a few of the key issues related to this guidance.

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Amsterdam, The Netherlands

The Future of Audit is T-Shaped

By Andrea van der Giezen, JAN© Auditors & Business Consultants B.V.

The future of audit is upon us! Are your audit teams T-shaped yet? A lot has changed within the financial auditing profession in recent years. We are in the middle of a golden age of innovation with new technological possibilities. But the future of audit is not only about the digital innovation; it also relates to quality standards and trying to reduce the expectation gap.

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Hanoi, Vietnam

Best Practice for Transfer Pricing in Vietnam for Global MNCs

By David Lang and Thanh Nguyen, Viettonkin Consulting

Besides the positive contributions of foreign enterprises to Vietnam’s economy, this field has also exposed some concerns, which adversely impacted Vietnam’s investment environment. In order to avoid illegal activities such as tax evasion, some of the best practices for transfer pricing in Vietnam are as follows:

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San Francisco, USA

Has Your Firm Assessed Its Quality Risks?

By Tom Parry, Navolio & Tallman LLP

The International Auditing and Assurance Standards Board (IAASB) recently finalised its quality management standards (QMS), and the US Auditing Standards Board just issued Proposed Quality Management Standards that are intended to converge with the IAASB standards and include:

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audit committee

Introduction of Mandatory Audit Committees in Listed Companies

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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Brexit and Audit

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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London, UK

Revised Ethical Standard Issued in UK

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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