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!
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”.
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.
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.
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.
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.
By Luciano Gomes dos Santos, Maciel Auditores
At the end of each business year, partners and shareholders meet to discuss the distribution of the company dividend. These profits which are vital for further growth and expansion must be allocated wisely.
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.
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.
By Paul Levy, Lawrence Grant
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.
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.
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.
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.
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."
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.
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.
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.
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).
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.
By Helmut Havenith, Audit Central SARL
Part II of a two-part series
The respect of ISA600 on group audits has become a focus of the regulators of the profession. Having discussed last time on consolidated financial statements hereafter a few more lines on the standard.