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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By Aldo Dubacher, Mattig-Suter & Partner
What are the effects of the digital transformation of companies in the age of big data on the authenticity of audit evidence and data analysis techniques? Does this result in a new audit expectation gap?
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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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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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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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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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By Boris Michels and Kolja Spee, nbs partners
The EU-Commission will require auditors to audit CSR information and to include the results in the audit opinion.
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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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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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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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