The role of audit on Construction Works in Brazil

By André Henrique Gaspar de Oliveira and Luísa Zanini da Fontoura, Maciel Auditores

Over the years, auditing has retained its significance in public finance and, as such, Supreme Audit Institutions (SAI) 1 receive constitutional recognition in many countries around the world, including Brazil. Although it has been argued that Brazil suffers from serious accountability deficits, here, as watchdogs of public finances, the auditors act to enforce accountability of executive agencies to national and state legislatures and through them to the general public.

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Mandatory Audit Firm Rotation in South Africa

By Allan Mundell, Nolands SA

After a considerable process of local and international consultation lasting a year, the IRBA (Independent Regulatory Board for Auditors) recently announced plans to implement Mandatory Audit Firm Rotation (MAFR) in South Africa. The directive effectively puts a time limit on the relationship between auditor and client.

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Big, bigger, bollocks . . . does size really matter?

By Michael Reiss von Filski, GGI

Whilst in the accounting profession, global networks and associations are ranked according to their (financial) size, it is not always evident what this means for the quality of services provided. At least, and this is the advantage of the accounting profession, the figures available to compare different networks and associations are a rather reliable and measurable way of accountability. It is generally accepted that a larger entity, organisation or alliance cannot be that bad. Some even go even as far as to preach that the bigger the better.

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UK Undergoing major changes to its financial reporting standards.

By Kassim Harunani, Lawrence Grant

Changes and updates have been introduced to the UK GAAP which relate to the FRSSE (Financial Reporting Standards for Small Entities) and FRS’s (Financial Reporting Standards), by the FRC (Financial Reporting Council) in the form of FRS 100, FRS 101 and FRS 102. The revisions fundamentally reformed financial reporting. These 3 financial reporting standards will replace almost all extant standards.

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Recent Changes to the Audit requirements

On 6 September 2012 the government announced key changes to company and LLP audit and reporting requirements. The changes removed the need for many more companies and LLPs to have an audit and they apply to financial years ending on or after 1 October 2012.

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How to make your Annual Audit work for you

By Paul Levy, Lawrence Grant

A question that most companies find themselves asking is, is my annual audit adding value to my business? We understand perfectly that an audit of your business records can sometimes be time consuming, costly and inconvenient, but we look at it as an opportunity to conduct a review of your financial and management systems, identify any problem areas so that we can help transform your business' prospects for the future.

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Market Set to Change for Auditors

On 30 November 2011 the European Commission accepted the proposals of the EU Internal Market Commissioner, Michel Barnier, regarding new rules for auditing. If the governments of the EU states and the European Parliament agree with the directive proposal, the market is set to change for auditors. Barnier justified his approach by stating that, since 2008, confidence in year-end audits has been shaken and that this confidence must be restored. He elaborated in detail regarding the objectives of the new directive: "Conflicts of interest will be rectified, independence strengthened and prudential supervision guaranteed; at the same time the directive will seek greater diversity within the market, which is too highly concentrated – particularly at the top."

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