After having taken some big steps, a beautiful journey lies ahead

By Roland Ogink, deJong & Laan

People take steps with a goal in mind. They want to get somewhere; reach a point on the horizon. The same applies to us. Sometimes, we move towards our goal in a straight line, while at other times, the road bends or has side paths. Straight ahead with a bend every now and again. The point on the horizon is clear to us; to become the best audit practice for SMEs!

Street in Brussels

Audit and SMPs: There is a Way!

By Prof Dr Michel De Wolf, DGST Réviseurs d’entreprises

As you may know, IOSCO and its worldwide “monitoring group” overseeing the world audit and ethical standard setting process, are focusing on audit standards for public-interest entities, with no interest for “SMEs”. This is, of course, of special concern for all non-Big-Four audit practices. Meanwhile, IAASB is launching a project around the question of the scalability of ISAs, which could lead to an “ISA for SME”.

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.

Can GGI Successfully Participate in a Cross-Border Audit Tender Process?

By Anders Hübertz Mortensen and Mads Anker Jensen, Dansk Revision Randers

During the autumn of 2018, one of our clients asked us if we could facilitate an audit tender for them. Their current solution in Germany and Switzerland was, for a number of reasons, unsatisfactory, due mainly to the fact they did not feel anyone had taken the responsibility as group auditor. This made the yearend process slow and frustrating. For historical issues, our firm has a strong position in the group. They still wanted our company, Dansk Revision Randers (Denmark), to be the auditor for the Danish entity but wanted a change for the rest.

Nürnberg, Germany

Changes Regarding the Auditor’s Opinion for Non-PIEs in Germany

By Dr Thomas Geiger, Munkert & Partner Steuerberater Wirtschaftsprüfer Rechtsanwälte GbR

Starting with the current busy season, the wording of audit opinions for non-PIEs will be significantly different from the previously issued auditor’s opinions in Germany.

Current trends of implementation and application of IFRS standards in Russia

By Dmitry Sklyarov, ADE Professional Solutions

The national transition to the IFRS programme started in Russia in 1998. It was initiated and driven by the National Council on the financial standards. The significant step towards the convergence and implementation of International Financial Reporting Standards (IFRS) in Russia was enforced in 2010 by Federal Law #208 concerning “consolidated financial statements”. The law obliges public companies and their sub-holdings to prepare consolidated financial statements in accordance with IFRS and disclose them publicly within 120 days of the reporting date with the audit opinion enclosed.


Evaluating Cybersecurity Risk from the Executive Seat

By Jeff Bathurst, SC&H Group

Today, technology is an element of nearly every business, which means every business on earth needs a practical cybersecurity plan. If you collect confidential data or utilise cloud technology, that information is potentially vulnerable. But fear isn’t the answer – preparation is.

data security


By Tom Murray, Friel Stafford Chartered Accountants

Whilst many businesses started their preparation for the EU General Data Protection Regulation (GDPR) some time ago, many insolvency practitioners are now just starting to wake up to the implications caused by GDPR and are beginning to appreciate how they will have to change many of their protocols and procedures.

Amsterdam, The Netherlands

Highlights about Improving Audit Quality

By Andrea van der Giezen, JAN© Auditors & Tax Advisers B.V.

The International Forum of Independent Audit Regulators (IFIAR; the international alliance of independent supervisors for the auditing branch) published a report about audit quality last May.

 accounting and payroll clerks

How Robotic Process Automation may change the role of accounting professionals?

By Béla Kakuk, BPiON

We all know that technology has reached the level that robots can take over many repetitive tasks from humans and mimic their activities, reaching effciency and better quality levels. The accounting and payroll profession is not immune to these trends; moreover, they are some of the first sectors significantly impacted by RPA (Robotic Process Automation) methodologies.

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.
Cape Town

IFRS 15: Revenue from contracts with customers

By Allan Mundell, Nolands SA

IFRS 15 is effective for accounting periods that start on or after 1 January 2018. As with various other recent amendments and new standards issued by the International Accounting Standards Board, the standard provides choices of the process to follow on transition.

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.

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."

Occupational Fraud and Abuse

By Ufuk Doğruer, Financial Axis Independent Audit & Consulting Inc

What is ‘Occupational Fraud’? ‘Occupational fraud’ occurs if the top management, employees or third parties are deliberately engaged in fraudulent behaviours in order to provide benefits. The fraudulent forms of movement aimed at providing unfair gains can be realised in many different forms.

San Francisco

Peer Review Focus on Audit Risk Assessment

By Tom Parry, Navolio & Tallman LLP

The Risk Assessment Standards were issued in 2006. However, based on recent peer review data, it appears that many auditors continue to struggle with implementation.

Her Majesty's Revenue and Customs (HMRC) - UK government tax office in London.

Provisions and Contingencies

by David Pritchard, Mander Duffill

Determining whether a provision for either an asset or liability needs to be recognised represents a dilemma regularly faced by accountants. There is further complexity when deciding whether there is a need to disclose contingent assets or liabilities.

Contemporary houses in Dordrecht


By Ronald Krol, EJP Accountants & Adviseurs

When reference is made to real estate within the Dutch reporting rules on property, the (intended) use should be distinguished for property for own use (Guidelines for annual reporting hereinafter referred to as: RJ 212) and investment property (RJ 213 / Guidelines for annual reporting for small legal entities, hereinafter referred to as: RJk B2).

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