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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The Anatomy of Fraud

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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Chicago, USA

Remote Auditing Challenges and How to Overcome Them

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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Pittsburgh, USA

Going Concern Considerations in a COVID World

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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