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The Future of Auditor Reporting –
Shaping Communication and What It
Means for You
Wednesday, 23 October 2013
9.00 am

1
A Case Study
Shariq Barmaky
Partner
Deloitte & Touche LLP

2
In partnership with PRICEWATERHOUSECOOPERS LLP

Important disclaimer
Deloitte refers to one or more of Deloitte Touche Toh...
What we will cover
• Simulated auditor’s report of a Singapore listed entity assuming the
proposed new requirements are al...
Background of Entity
• Singapore company listed on the SGX Mainboard

• A conglomerate in various businesses and industrie...
What was the auditor’s internal process to
draft the new auditor’s report?

Identify
key audit
matters
(KAM)

Agree with
Q...
Identify KAM

How to identify KAM?
Starting
Point

Matters are
prescribed by
ISA 260
 consistency

Selected a smaller num...
Identify KAM

Applying the requirements…
Starting Point

Matters communicated with TCWG

Significant risks (SR)
1) Provisi...
Identify KAM

How to “shortlist”?

ISA 701 requirements
and guidance

Disclosures in
financial statements
• Significant
ma...
Identify KAM

How to “shortlist”?

ISA 701 requirements
and guidance
Number of
KAM
( KAM
useful)

Robust
dialogue with
TCW...
Identify KAM

How to “shortlist”?
Critical judgments and key sources of estimation uncertainty disclosed in the
entity’s f...
Identify KAM

KAM identified: Preliminary
Selected a smaller number of matters from matters communicated with TCWG
Items s...
Identify KAM

Key Challenge: Why were some items NOT
selected?
Items not selected
1) Management override of control (SR)
2...
Identify KAM

Key Challenge: Why were some items NOT
selected?
Items not selected
1) Management override of control (SR)
2...
Identify KAM

Key Challenge: Why were some items NOT
selected?
Items not selected
1) Management override of control (SR)
2...
Identify KAM

Key Challenge: Why were some items NOT
selected?
Items not selected
1) Management override of control (SR)
2...
Agree with QC

Queries raised by Quality Control (QC)
Independent challenge of judgment made by engagement team to select ...
Agree with QC

Queries raised by Quality Control (QC)
Independent challenge of judgment made by engagement team to select ...
Agree with QC

Responding to QC Queries
Items selected
1) Provisions (foreseeable
losses, warranty, claims)
2) Revenue rec...
Agree with QC

Responding to QC Queries
Items selected
1) Provisions (foreseeable
losses, warranty, claims)
2) Revenue rec...
Agree with QC

Queries raised by Quality Control team
Independent challenge of judgment made by engagement team to select ...
Describe KAM

Final List of KAM
Items selected
1) Provisions (foreseeable losses, warranty and claims)
2) Revenue recognit...
Describe KAM

KAM #1
Provisions

As disclosed in the respective notes to the financial statements, the Group
recognises th...
Describe KAM

KAM #1: Breaking it down
Provisions

As disclosed in the respective notes to the financial statements, the G...
Describe KAM

KAM #1: Breaking it down
Provisions

As disclosed in the respective notes to the financial statements, the G...
Describe KAM

KAM #2
Recognition of Revenue from Long-Term Construction
Contracts (“contract revenue”)
As disclosed in Not...
Describe KAM

KAM #2: Breaking it down
Recognition of Revenue from Long-Term Construction
Contracts (“contract revenue”)
A...
Describe KAM

KAM #2: Breaking it down
Recognition of Revenue from Long-Term Construction
Contracts (“contract revenue”)
A...
Describe KAM

KAM #2: Breaking it down
Recognition of Revenue from Long-Term Construction
Contracts (“contract revenue”)
•...
Describe KAM

KAM #3
Impairment of Assets

As disclosed in Note e to the financial statements, the Group has
investment in...
Describe KAM

KAM #3: Breaking it down
Impairment of Assets

As disclosed in Note e to the financial statements, the Group...
Describe KAM

KAM #3: Breaking it down
Impairment of Assets

As disclosed in Note e to the financial statements, the Group...
Describe KAM

KAM #4
Valuation of Investment Properties

The Group’s disclosures about its investment properties are inclu...
Describe KAM

KAM #4 (cont’d)
Valuation of Investment Properties

There is significant measurement uncertainty involved in...
Describe KAM

KAM #4: Breaking it down
Valuation of Investment Properties

The Group’s disclosures about its investment pr...
Describe KAM

KAM #4: Breaking it down
Valuation of Investment Properties

There is significant measurement uncertainty in...
Describe KAM

KAM #4: Breaking it down
Valuation of Investment Properties

There is significant measurement uncertainty in...
Describe KAM

KAM #5
Acquisition of XX

As described in Note g to the financial statements, in July 2012, the Group
acquir...
Describe KAM

KAM #5: Breaking it down
Acquisition of XX

As described in Note g to the financial statements, in July 2012...
Describe KAM

KAM #5: Breaking it down
Acquisition of XX

As described in Note g to the financial statements, in July 2012...
Describe KAM

What are the challenges?

No or lack of
disclosures in
financial
statements

To conclude or
not to conclude?...
Review KAM

Internal reviews of KAM descriptions
Does description accurately
reflect the actual audit
procedures performed...
Auditor’s Report

Draft the auditor’s report
Opinion

Basis for
opinion
Key Audit
Matters
Going
Concern
Other
information ...
Auditor’s Report

Opinion
In our opinion, the accompanying consolidated financial statements of ABC Limited (the
“Company”...
Auditor’s Report

Basis for Opinion
We conducted our audit in accordance with Singapore Standards on Auditing (SSAs).
Our ...
Auditor’s Report

Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
s...
Auditor’s Report

Key Audit Matters
Provisions
As disclosed in the respective notes to the financial statements, the Group...
Auditor’s Report

Key Audit Matters
Recognition of Revenue from Long-Term Construction Contracts (“contract
revenue”)
As d...
Auditor’s Report

Key Audit Matters
Impairment of Assets
As disclosed in Note e to the financial statements, the Group has...
Auditor’s Report

Key Audit Matters
Valuation of Investment Properties
The Group’s disclosures about its investment proper...
Auditor’s Report

Key Audit Matters
Acquisition of XX
As described in Note g to the financial statements, the Group acquir...
Auditor’s Report

Going Concern
The consolidated financial statements of the Group have been prepared using the
going conc...
Auditor’s Report

Going Concern Considerations
Entity is a healthy listed company with no going
concern issues
 What does...
Auditor’s Report

Going Concern Considerations
Evaluate
management’s
assessment

Events or
conditions that
may cast
signif...
Auditor’s Report

Going Concern Conclusion

1

Auditor concludes that management’s use of the going concern basis of
accou...
Auditor’s Report

Going Concern Conclusion

2

Auditor concludes that management’s use of the going concern basis of
accou...
Auditor’s Report

Going Concern: Potential Implications
• More robust, upfront dialogues between auditor, management and T...
Auditor’s Report

Other Information
This section is subject to the IAASB’s finalisation of proposed ISA 720 (Revised).
The...
Auditor’s Report

Responsibilities of Management
for the consolidated financial statements
Management is responsible for t...
Auditor’s Report

Auditor’s Responsibilities for the Audit
of the consolidated financial statements
The objectives of our ...
Auditor’s Report

Auditor’s Responsibilities for the Audit
of the consolidated financial statements
As part of an audit in...
Auditor’s Report

Auditor’s Responsibilities for the Audit
of the consolidated financial statements
•

Evaluate the overal...
Auditor’s Challenges

 Buy in from management and TCWG
 Pressure from management to have no
KAM (allowed by ISA 701)
 B...
Potential implications/challenges from
perspective of management
Impact to the
financial reporting
process

Lengthen audit...
Potential implications/challenges from
perspective of management (cont’d)
Concerns over how
different users may
interpret ...
Potential implications/challenges from
perspective of TCWG
More questions from
shareholders at AGM

Growing interest in
en...
Next Steps…

2 months after YE in time
for announcement

6-9 months before YE
Earliest
effective
date

In partnership with...
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The Future of Auditor Reporting Forum - Shaping Communication and What It Means for You: Case Study

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The Future of Auditor Reporting Forum, held by Institute of Singapore Chartered Accountants

Sharing from Mr Shariq Barmaky, Deputy Chairman, ISCA Auditing and Assurance Standards Committee; Partner, Deloitte & Touche LLP

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The Future of Auditor Reporting Forum - Shaping Communication and What It Means for You: Case Study

  1. 1. The Future of Auditor Reporting – Shaping Communication and What It Means for You Wednesday, 23 October 2013 9.00 am 1
  2. 2. A Case Study Shariq Barmaky Partner Deloitte & Touche LLP 2
  3. 3. In partnership with PRICEWATERHOUSECOOPERS LLP Important disclaimer Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/sg/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence. Disclaimer This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication. Deloitte & Touche LLP (Unique entity number: T08LL0721A) is an accounting limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). © 2013 Deloitte & Touche LLP 3
  4. 4. What we will cover • Simulated auditor’s report of a Singapore listed entity assuming the proposed new requirements are already effective • Walkthrough the preparation of the auditor’s report • Examples of Key Audit Matters and Going Concern statements in the auditor’s report • Highlight auditor’s internal implementation challenges • Potential practical challenges/ implications from perspective of management and those charged with governance (TCWG) In partnership with Deloitte & Touche LLP 4
  5. 5. Background of Entity • Singapore company listed on the SGX Mainboard • A conglomerate in various businesses and industries In partnership with Deloitte & Touche LLP 5
  6. 6. What was the auditor’s internal process to draft the new auditor’s report? Identify key audit matters (KAM) Agree with Quality Control team In partnership with Deloitte & Touche LLP 6 Describe KAM Internal review of KAM description Draft auditor’s report
  7. 7. Identify KAM How to identify KAM? Starting Point Matters are prescribed by ISA 260  consistency Selected a smaller number of matters from matters communicated with those charged with governance (TCWG) KAM? KAM? KAM? Key Audit Matters In partnership with Deloitte & Touche LLP 7
  8. 8. Identify KAM Applying the requirements… Starting Point Matters communicated with TCWG Significant risks (SR) 1) Provisions (foreseeable losses, warranty, claims) 2) Revenue recognition (project accounting) 3) Management override of control 4) Impairment of assets 5) Valuation of investment properties 6) Accounting for financial instruments 7) Accounting for deferred tax recovery of underlying assets In partnership with Deloitte & Touche LLP 8 Focus areas (non SR) 1) New investments and disposals 2) Adoption of new accounting standard 3) Litigation and claims 4) Properties held for sale (cost capitalisation and realisable value) 5) Debt arrangements 6) Income tax exposures 7) Construction of plant
  9. 9. Identify KAM How to “shortlist”? ISA 701 requirements and guidance Disclosures in financial statements • Significant management judgment • Critical accounting estimates, disclosures • Significant, unusual transactions Significant risk / auditor judgment Significant modification of audit plan • Revision to risk assessment/ audit procedures due to significant deficiency in internal controls Areas of significant auditor attention • Limitations on group audit, auditing critical estimates • Extensive unexpected effort In partnership with Deloitte & Touche LLP 9 Significant difficulty during audit Others • Industry, recent significant economic, regulatory accounting, developments • Written representations
  10. 10. Identify KAM How to “shortlist”? ISA 701 requirements and guidance Number of KAM ( KAM useful) Robust dialogue with TCWG Extent of audit effort Areas of significant auditor attention Consultation on difficult, conte ntious matters In partnership with Deloitte & Touche LLP 10 KAM in prior year Matters consulted with EQCR
  11. 11. Identify KAM How to “shortlist”? Critical judgments and key sources of estimation uncertainty disclosed in the entity’s financial statements [Note x] 1) Impairment of loans and receivables 2) Impairment of available-for-sale investments 3) Impairment of non-financial assets 4) Revenue recognition 5) Income taxes 6) Claims, litigations and reviews In partnership with Deloitte & Touche LLP 11
  12. 12. Identify KAM KAM identified: Preliminary Selected a smaller number of matters from matters communicated with TCWG Items selected 1) Provisions (foreseeable losses, warranty, claims) 2) Revenue recognition (project accounting) [Note x] 3) Impairment of assets 4) Valuation of investment properties 5) New investments and disposals In partnership with Deloitte & Touche LLP 12 Items not selected 1) Management override of control 2) Accounting for financial instruments 3) Accounting for deferred tax recovery of underlying assets 4) Adoption of new accounting standards 5) Litigation and claims 6) Properties held for sale (cost capitalisation and realisable value) 7) Debt arrangements 8) Income tax exposures 9) Construction of plant
  13. 13. Identify KAM Key Challenge: Why were some items NOT selected? Items not selected 1) Management override of control (SR) 2) Accounting for financial instruments (SR) 3) Accounting for deferred tax recovery of underlying assets (SR) 4) Litigation and claims 5) Properties held for sale (cost capitalisation and realisable value) 6) Debt arrangements 7) Income tax exposures 8) Adoption of new accounting standards 9) Construction of plant In partnership with Deloitte & Touche LLP 13 KAM useful  Cannot include all
  14. 14. Identify KAM Key Challenge: Why were some items NOT selected? Items not selected 1) Management override of control (SR) 2) Accounting for financial instruments (SR) 3) Accounting for deferred tax recovery of underlying assets (SR) 4) Litigation and claims 5) Properties held for sale (cost capitalisation and realisable value) 6) Debt arrangements 7) Income tax exposures 8) Adoption of new accounting standards 9) Construction of plant In partnership with Deloitte & Touche LLP 14 Greater consideration to significant risks specifically identified in the context of entity, rather than to those presumed in the auditing standards to be significant risks.
  15. 15. Identify KAM Key Challenge: Why were some items NOT selected? Items not selected 1) Management override of control (SR) 2) Accounting for financial instruments (SR) 3) Accounting for deferred tax recovery of underlying assets (SR) 4) Litigation and claims 5) Properties held for sale (cost capitalisation and realisable value) 6) Debt arrangements 7) Income tax exposures 8) Adoption of new accounting standards 9) Construction of plant In partnership with Deloitte & Touche LLP 15 Issues brought forward from prior year  Communicated with TCWG in current year to provide updates or conclusions
  16. 16. Identify KAM Key Challenge: Why were some items NOT selected? Items not selected 1) Management override of control (SR) 2) Accounting for financial instruments (SR) 3) Accounting for deferred tax recovery of underlying assets (SR) 4) Litigation and claims 5) Properties held for sale (cost capitalisation and realisable value) 6) Debt arrangements 7) Income tax exposures 8) Adoption of new accounting standards 9) Construction of plant In partnership with Deloitte & Touche LLP 16 Current year issues but of less significance:  Only one new amendment to accounting standard  Similar transactions in the past with no significant issues identified
  17. 17. Agree with QC Queries raised by Quality Control (QC) Independent challenge of judgment made by engagement team to select KAM Items selected 1) Provisions (foreseeable losses, warranty, claims) 2) Revenue recognition (project accounting) [Note x] 3) Impairment of assets 4) Valuation of investment properties 5) New investments and disposals In partnership with Deloitte & Touche LLP 17 Query 1: To further understand why this is a KAM  Team did not encounter significant issues in procedures (e.g. competency of valuers, assumptions used in valuation reports) Query 2: Entity had several acquisitions/ disposals during the year. To further pinpoint to the specific transaction that required most significant audit effort.
  18. 18. Agree with QC Queries raised by Quality Control (QC) Independent challenge of judgment made by engagement team to select KAM Items not selected 1) Management override of control (SR) 2) Accounting for financial instruments (SR) 3) Accounting for deferred tax recovery of underlying assets (SR) 4) Litigation and claims 5) Properties held for sale (cost capitalisation and realisable value) 6) Debt arrangements 7) Income tax exposures 8) Adoption of new accounting standards 9) Construction of plant In partnership with Deloitte & Touche LLP 18 Query 3: To further understand why this is not a KAM  Entity operates in various jurisdictions  Also identified by management and disclosed in FS as significant judgment area
  19. 19. Agree with QC Responding to QC Queries Items selected 1) Provisions (foreseeable losses, warranty, claims) 2) Revenue recognition (project accounting) [Note x] 3) Impairment of assets 4) Valuation of investment properties 5) New investments and disposals In partnership with Deloitte & Touche LLP 19 Query 1 Team’s response:  Fair value (FV) changes of investment properties (IP) have direct impact on P/L (2011: FV gain $30 million; 2012: FV gain $3 million)  Acquisitions of new IP during the year  Work mainly done by component auditor Concurred by QC
  20. 20. Agree with QC Responding to QC Queries Items selected 1) Provisions (foreseeable losses, warranty, claims) 2) Revenue recognition (project accounting) [Note x] 3) Impairment of assets 4) Valuation of investment properties 5) New investments and disposals In partnership with Deloitte & Touche LLP 20 Query 2 Team’s response:  Agree with QC to pinpoint specific transaction  Most effort spent on acquisition of XX as Entity entered into complex derivatives arrangement as part of the acquisition  Need to ensure appropriate accounting treatment for the derivatives Concurred by QC
  21. 21. Agree with QC Queries raised by Quality Control team Independent challenge of judgment made by engagement team to select KAM Items not selected 1) Management override of control (SR) 2) Accounting for financial instruments (SR) 3) Accounting for deferred tax recovery of underlying assets (SR) 4) Litigation and claims 5) Properties held for sale (cost capitalisation and realisable value) 6) Debt arrangements 7) Income tax exposures 8) Adoption of new accounting standards 9) Construction of plant In partnership with Deloitte & Touche LLP 21 Query 3 Team’s response:  Material exposure only in PRC on Land Appreciation Tax  No significant issues encountered in current year or prior audits Concurred by QC
  22. 22. Describe KAM Final List of KAM Items selected 1) Provisions (foreseeable losses, warranty and claims) 2) Revenue recognition (project accounting) 3) Impairment of assets 4) Valuation of investment properties 5) Acquisition of XX In partnership with Deloitte & Touche LLP 22
  23. 23. Describe KAM KAM #1 Provisions As disclosed in the respective notes to the financial statements, the Group recognises the following provisions totalling $10 million: • • • • Provision for foreseeable losses on contracts in progress amounting to $0.5 million [Note a and Note b]; Provision for properties held for sale amounting to $2.5 million [Note a and Note b]; Provision for warranties amounting to $5 million [Note c and Note d]; and Provision for claims amounting to $2 million [Note c and Note d]. There was significant audit effort in this area as we assessed the reasonableness of the provisions and reversals made during the period to determine if they were in accordance with accounting standards, challenged management’s basis for the provisions and compared the provisions against historical trends. In partnership with Deloitte & Touche LLP 23
  24. 24. Describe KAM KAM #1: Breaking it down Provisions As disclosed in the respective notes to the financial statements, the Group recognises the following provisions totalling $10 million: • • • • Provision for foreseeable losses on contracts in progress amounting to $0.5 million [Note a and Note b]; Provision for properties held for sale amounting to $2.5 million [Note a and Note b]; Provision for warranties amounting to $5 million [Note c and Note d]; and Provision for claims amounting to $2 million [Note c and Note d]. There was significant audit effort in this area as we assessed the reasonableness of the provisions and reversals made are dispersed FS disclosures during the period to determine if they were in accordance withAdd value by aggregating provisions  accounting standards, challenged management’s basis for the provisionstotal impact on financial to show and compared the provisions against historical trends. statements as a whole  Pinpoint to specific notes In partnership with Deloitte & Touche LLP 24
  25. 25. Describe KAM KAM #1: Breaking it down Provisions As disclosed in the respective notes to the financial statements, the Group • Allow users to understand why this recognises the following provisions totalling $10 million: matter is significant to audit • • • • Provision for foreseeable losses on contracts in progress amounting to $0.5 • Summarise audit procedures million [Note a and Note b]; performed in simple language (e.g. Provision for properties held for sale amounting to $2.5 million [Note a and Note “compare against historical trend” b]; instead of c and Note d]; reviews”) Provision for warranties amounting to $5 million [Note“retrospective and Provision for claims amounting to $2 million [Note c and Note d]. There was significant audit effort in this area as we assessed the reasonableness of the provisions and reversals made during the period to determine if they were in accordance with accounting standards, challenged management’s basis for the provisions and compared the provisions against historical trends. In partnership with Deloitte & Touche LLP 25
  26. 26. Describe KAM KAM #2 Recognition of Revenue from Long-Term Construction Contracts (“contract revenue”) As disclosed in Note a and Note x to the financial statements, the Group recognises contract revenue based on the percentage of completion method in proportion to the stage of completion. This is an area of audit focus as significant management assumptions are required in determining the stage of completion, the contract cost incurred, the estimated total contract revenue and contract cost and the recoverability of the contracts. In addition, contract revenue amounted to $700 million which comprises 60% of the Group’s revenue. We are satisfied with the results of the audit procedures performed, which include checking the internal engineers’ estimates of the physical completion of the projects, obtaining confirmations from customers and deriving an independent estimate of the revenue using cost-to-cost method. In partnership with Deloitte & Touche LLP 26
  27. 27. Describe KAM KAM #2: Breaking it down Recognition of Revenue from Long-Term Construction Contracts (“contract revenue”) As disclosed in Note a and Note x to the financial statements, the Group recognises contract revenue based on the percentage of completion method in proportion to the stage of completion. This is an area of audit focus as significant management assumptions are required in determining the stage of completion, the contract cost incurred, the estimated total • Draw recoverability of the contracts. contract revenue and contract cost and theattention to all relevant notes In addition, contract revenue amounted to $700 million which comprises • satisfied significant aspect the audit 60% of the Group’s revenue. We are Highlight with the results of of the procedures performed, which includerevenue recognition policy to checking the internal engineers’ estimates of the physical completion demonstrate that it is not straightof the projects, obtaining forward confirmations from customers and deriving an independent estimate of the revenue using cost-to-cost method. In partnership with Deloitte & Touche LLP 27
  28. 28. Describe KAM KAM #2: Breaking it down Recognition of Revenue from Long-Term Construction Contracts (“contract revenue”) As disclosed in Note a and Note x to the financial statements, the Group recognises contract revenue based on the percentage of completion method in proportion to the stage of completion. This is an area of audit focus as significant management assumptions are required in determining the stage of completion, the contract cost incurred, the estimated total contract revenue and contract cost and the recoverability of the contracts. In addition, contract revenue amounted to $700 million which comprises 60% of the Group’s revenue. We are satisfied with the results of the audit procedures performed, which include checking the internal engineers’ • Allow users to understand why this matter is estimates of the physical completion of the projects, obtaining significant to audit confirmations from customers and deriving an independent estimate of the revenue using cost-to-cost method. • Add value by quantifying % contribution of this stream of revenue to total revenue In partnership with Deloitte & Touche LLP 28
  29. 29. Describe KAM KAM #2: Breaking it down Recognition of Revenue from Long-Term Construction Contracts (“contract revenue”) • Succinctly summarised key audit As disclosed in Note a and Note x to the financial statements, the Group procedures performed recognises contract revenue based on the Provided closure on audit • percentage of completion method in proportion to the stage of completion. This is an area of audit procedures performed to avoid focus as significant management assumptions are required in determining uncertainty to users the stage of completion, the contract cost incurred, the estimated total contract revenue and contract cost and the recoverability of the contracts. In addition, contract revenue amounted to $700 million which comprises 60% of the Group’s revenue. We are satisfied with the results of the audit procedures performed, which include checking the internal engineers’ estimates of the physical completion of the projects, obtaining confirmations from customers and deriving an independent estimate of the revenue using cost-to-cost method. In partnership with Deloitte & Touche LLP 29
  30. 30. Describe KAM KAM #3 Impairment of Assets As disclosed in Note e to the financial statements, the Group has investment in associates (including advances) amounting to $50 million. These associates are held by a subsidiary of the Group, which is audited by another firm of auditors. We focused on this area as the assessment of impairment in associates required significant management estimates and is material to the financial statements. We reviewed the audit procedures performed by the component auditor which included using valuation experts to evaluate the assumptions and methodologies used by management, in particular, the forecasted revenue growth, profit margin and discount rate. In partnership with Deloitte & Touche LLP 30
  31. 31. Describe KAM KAM #3: Breaking it down Impairment of Assets As disclosed in Note e to the financial statements, the Group has investment in associates (including advances) amounting to $50 million. These associates are held by a subsidiary of the Group, which is audited by another firm of auditors. We focused on this area as the assessment of impairment in associates required significant management estimates and is material to the financial statements. We reviewed the audit procedures performed by the component auditor which included using valuation experts to evaluate the assumptions and methodologies used by management, in particular, the forecasted revenue to understand margin • Allow users growth, profit why this and discount rate. matter is significant to audit • Provided insight to users by stating that this aspect was audited by a component auditor In partnership with Deloitte & Touche LLP 31
  32. 32. Describe KAM KAM #3: Breaking it down Impairment of Assets As disclosed in Note e to the financial statements, the Group has investment in associates (including advances) amounting to $50 million. These associates are held by a subsidiary of the Group, which is audited by another firm of auditors. We focused on this area as the assessment of impairment in associates required significant management estimates and is material to the financial statements. We reviewed the audit procedures performed by the component auditor which included using valuation experts to evaluate the assumptions and methodologies used by management, in particular, the forecasted revenue growth, profit margin and discount rate. . • Provided insight to users on audit procedures performed by both group auditor and component auditor In partnership with Deloitte & Touche LLP 32
  33. 33. Describe KAM KAM #4 Valuation of Investment Properties The Group’s disclosures about its investment properties are included in Note f to the financial statements. They represent 40% of the Group’s noncurrent assets are located in both Singapore and overseas. The investment properties are stated based on the valuations by various independent firms of professional valuers as at 31 December 2012. The Group had also made material acquisition and disposal of investment properties during the year. These investment properties were held by subsidiaries and associates and audited by other firm of auditors. In partnership with Deloitte & Touche LLP 33
  34. 34. Describe KAM KAM #4 (cont’d) Valuation of Investment Properties There is significant measurement uncertainty involved in the valuation because different valuation approaches and valuation methodologies (e.g. direct comparison and investment methods and / or discounted cash flow methods) were adopted to determine the market value of these investment properties. For investment properties under construction, the valuation methodologies used include the direct comparison and residual methods, excluding profit element. Due to the above reasons, the valuation of these investment properties was significant to our audit. We have obtained satisfactory explanations from the Group and reviewed the component auditors’ work regarding the bases and methods as well as key assumptions used by the independent firms of professional valuers to determine the fair values for the investment properties. In partnership with Deloitte & Touche LLP 34
  35. 35. Describe KAM KAM #4: Breaking it down Valuation of Investment Properties The Group’s disclosures about its investment properties are included in Note f to the financial statements. They represent 40% of the Group’s noncurrent assets are located in both Singapore and overseas. The investment properties are stated based on the valuations by various independent firms of professional valuers as at 31 December 2012. The Group had also made material acquisition and disposal of investment properties during the year. These investment properties were held by subsidiaries and associates and audited by other firm of auditors. • Provided an overview of the Group’s investment properties and disclosures in Note f • Provided insight to users about the audit by stating that this aspect was audited by a component auditor In partnership with Deloitte & Touche LLP 35
  36. 36. Describe KAM KAM #4: Breaking it down Valuation of Investment Properties There is significant measurement uncertainty involved in the valuation because different valuation approaches and valuation methodologies (e.g. direct comparison and investment methods and / or discounted cash flow methods) were adopted to determine the market value of these investment properties. For investment properties under construction, the valuation methodologies used include the direct comparison and residual methods, excluding profit element. Due to the above reasons, the valuation of these investment properties was significant to our audit. We have obtained satisfactory explanations from the Group and reviewed the • Allow users bases and methods as well as key component auditors’ work regarding the to understand why this matter is significant firms of assumptions used by the independent to audit professional valuers to determine the fair values •forAdd value by providing more details about the investment properties. valuation methodologies to enable users to understand the “valuation” blackbox. In partnership with Deloitte & Touche LLP 36
  37. 37. Describe KAM KAM #4: Breaking it down Valuation of Investment Properties There is significant measurement uncertainty involved in the valuation because different valuation approaches and valuation methodologies (e.g. direct comparison and investment methods and / or discounted cash flow Briefly described audit procedures performed as methods) were adoptedGroup auditors, which subtly provided closure on to determine the market value of these investment properties. For investment properties under construction, the valuation the matter methodologies used include the direct comparison and residual methods, excluding profit element. Due to the above reasons, the valuation of these investment properties was significant to our audit. We have obtained satisfactory explanations from the Group and reviewed the component auditors’ work regarding the bases and methods as well as key assumptions used by the independent firms of professional valuers to determine the fair values for the investment properties. In partnership with Deloitte & Touche LLP 37
  38. 38. Describe KAM KAM #5 Acquisition of XX As described in Note g to the financial statements, in July 2012, the Group acquired a y% equity interest in XX for a net purchase consideration of $11 million. In relation to the acquisition, the Group entered into transactions involving complex derivatives. Management has computed the fair value of the complex derivatives using a valuation model and has not recorded the fair value of the derivatives as it is not material. We focused on this transaction because it involves significant assumptions by the Group on the complex derivatives. Our audit procedures included, among others, evaluating the assumptions and methodologies used by the Group in its computation of the fair value of the complex derivatives and we are satisfied with the results of the valuation. In partnership with Deloitte & Touche LLP 38
  39. 39. Describe KAM KAM #5: Breaking it down Acquisition of XX As described in Note g to the financial statements, in July 2012, the Group acquired a y% equity interest in XX for a net purchase consideration of $11 million. In relation to the acquisition, the Group entered into transactions involving complex derivatives. Management has computed the fair value of the complex derivatives using a valuation model and has not recorded the fair value of the derivatives as it is not material. We focused on this transaction because it involves significant assumptions by the Group on the complex derivatives. Our audit procedures included, among others, evaluatingProvided original information not disclosed by financial • the assumptions and methodologies used in the Group in its computation statements. of the fair value of the complex derivatives and we are satisfied with the results of the valuation. made aware of significant terms of • Add value as users are acquisition which has no material accounting impact • At the same time, users can understand why management did not disclose this information (not material rather than intentional omission) In partnership with Deloitte & Touche LLP 39
  40. 40. Describe KAM KAM #5: Breaking it down Acquisition of XX As described in Note g to the financial statements, in July 2012, the Group acquired a y% equity interest in XX for a net purchase consideration of $11 • Allow users to understand why this matter is significant to million. In relation to the acquisition, the Group entered into transactions audit (valuation of options rather than the acquisition itself) involving complex derivatives. Management has computed the fair value of • Described key audit procedures and provided conclusion the complex derivatives using a valuation model and has not recorded the fair value of the derivatives as it is not material. We focused on this transaction because it involves significant assumptions by the Group on the complex derivatives. Our audit procedures included, among others, evaluating the assumptions and methodologies used by the Group in its computation of the fair value of the complex derivatives and we are satisfied with the results of the valuation. In partnership with Deloitte & Touche LLP 40
  41. 41. Describe KAM What are the challenges? No or lack of disclosures in financial statements To conclude or not to conclude? Limit use of highly technical auditing terms Explain why auditor considered matter to be one of most significance in audit and refer to disclosure in FS Group audit considerations In partnership with Deloitte & Touche LLP 41 Summarize procedures performed in a succinct way Avoid providing original information about entity Sensitive matters
  42. 42. Review KAM Internal reviews of KAM descriptions Does description accurately reflect the actual audit procedures performed? How to conclude in a manner that will avoid giving impression of “piecemeal” opinion? Was appropriate reference made to respective notes where KAM is in relation to items already disclosed in the financial statements? Item 5: Providing original information  What level of detail should description be?  Careful not to reveal detailed transaction terms as may lead to “competitive disadvantage In partnership with Deloitte & Touche LLP 42
  43. 43. Auditor’s Report Draft the auditor’s report Opinion Basis for opinion Key Audit Matters Going Concern Other information (KIV) In partnership with Deloitte & Touche LLP 43 Responsibilities of preparers Responsibilities of auditors
  44. 44. Auditor’s Report Opinion In our opinion, the accompanying consolidated financial statements of ABC Limited (the “Company”) and its subsidiaries (the “Group”) and the statement of financial position and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December 2012, and of the results, changes in equity and cash flows of the Group and changes in equity of the Company for the year ended on that date. We have audited the accompanying financial statements, which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Company as at 31 December 2012, and the consolidated statement of comprehensive income, statement of changes in equity and statement of cash flows of the Group and statement of changes in equity of the Company for the year then ended , and a summary of significant accounting policies and other explanatory information. Opinion Basis for opinion In partnership with Deloitte & Touche LLP 44 Key Audit Matters Going Concern Other Information (KIV) Responsibilities of preparers Responsibilities of auditors
  45. 45. Auditor’s Report Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group within the meaning of the independence requirements set out in the Code of Professional Conduct and Ethics of the Accountants (Public Accountants) (Amendment) Rules 2009 and have fulfilled our other responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate. Opinion Basis for opinion In partnership with Deloitte & Touche LLP 45 Key Audit Matters Going Concern Other Information (KIV) Responsibilities of preparers Responsibilities of auditors
  46. 46. Auditor’s Report Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements. Key audit matters are selected from the matters communicated with those charged with governance, but are not intended to represent all matters that were discussed with them. Our audit procedures relating to these matters were designed in the context of our audit of the consolidated financial statements as a whole. Our opinion on the consolidated financial statements is not modified with respect to any of the key audit matters described below, and we do not express an opinion on these individual matters. Opinion Basis for opinion In partnership with Deloitte & Touche LLP 46 Key Audit Matters Going Concern Other Information (KIV) Responsibilities of preparers Responsibilities of auditors
  47. 47. Auditor’s Report Key Audit Matters Provisions As disclosed in the respective notes to the financial statements, the Group recognises the following provisions totalling $10 million: • Provision for foreseeable losses on contracts in progress amounting to $0.5 million [Note a and Note b]; • Provision for properties held for sale amounting to $2.5 million [Note a and Note b]; • Provision for warranties amounting to $5 million [Note c and Note d]; and • Provision for claims amounting to $2 million [Note c and Note d]. There was significant audit effort in this area as we assessed the reasonableness of the provisions and reversals made during the period to determine if they were in accordance with accounting standards, challenged management’s basis for the provisions and compared the provisions against historical trends. In partnership with Deloitte & Touche LLP 47
  48. 48. Auditor’s Report Key Audit Matters Recognition of Revenue from Long-Term Construction Contracts (“contract revenue”) As disclosed in Note a and Note x to the financial statements, the Group recognises contract revenue based on the percentage of completion method in proportion to the stage of completion. This is an area of audit focus as significant management assumptions are required in determining the stage of completion, the contract cost incurred, the estimated total contract revenue and contract cost and the recoverability of the contracts. In addition, contract revenue amounted to $700 million which comprises 60% of the Group’s revenue. We are satisfied with the results of the audit procedures performed, which include checking the internal engineers’ estimates of the physical completion of the projects, obtaining confirmations from customers and deriving an independent estimate of the revenue using cost-to-cost method. In partnership with Deloitte & Touche LLP 48
  49. 49. Auditor’s Report Key Audit Matters Impairment of Assets As disclosed in Note e to the financial statements, the Group has investment in associates (including advances) amounting to $50 million. These associates are held by a subsidiary of the Group, which is audited by another firm of auditors. We focused on this area as the assessment of impairment in associates required significant management estimates and is material to the financial statements. We reviewed the audit procedures performed by the component auditor which included using valuation experts to evaluate the assumptions and methodologies used by management, in particular, the forecasted revenue growth, profit margin and discount rate. In partnership with Deloitte & Touche LLP 49
  50. 50. Auditor’s Report Key Audit Matters Valuation of Investment Properties The Group’s disclosures about its investment properties are included in Note f to the financial statements. They represent 40% of the Group’s non-current assets and are located in both Singapore and overseas. The investment properties are stated based on the valuations by various independent firms of professional valuers as at 31 December 2012. The Group had also made material acquisition and disposal of investment properties during the year. These investment properties were held by subsidiaries and associates and audited by other firm of auditors. There is significant measurement uncertainty involved in the valuation because different valuation approaches and valuation methodologies (e.g. direct comparison and investment methods and / or discounted cash flow methods) were adopted to determine the market value of these investment properties. For investment properties under construction, the valuation methodologies used include the direct comparison and residual methods, excluding profit element. Due to the above reasons, the valuation of these investment properties was significant to our audit. We have obtained satisfactory explanations from the Group and reviewed the component auditors’ work regarding the bases and methods as well as key assumptions used by the independent firms of professional valuers to determine the fair values for the investment properties. In partnership with Deloitte & Touche LLP 50
  51. 51. Auditor’s Report Key Audit Matters Acquisition of XX As described in Note g to the financial statements, the Group acquired a y% equity interest in XX for a net purchase consideration of $11 million. In relation to the acquisition, the Group entered into transactions involving complex derivatives. Management has computed the fair value of the complex derivatives using a valuation model and has not recorded the fair value of the derivatives as it is not material. We focused on this transaction because it involves significant assumptions by the Group on the complex derivatives. Our audit procedures included, among others, evaluating the assumptions and methodologies used by the Group in its computation of the fair value of the complex derivatives and we are satisfied with the results of the valuation. In partnership with Deloitte & Touche LLP 51
  52. 52. Auditor’s Report Going Concern The consolidated financial statements of the Group have been prepared using the going concern basis of accounting. The use of this basis of accounting is appropriate unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. As part of our audit of the consolidated financial statements, we have concluded that management’s use of the going concern basis of accounting in the preparation of the Group’s consolidated financial statements is appropriate. Management has not identified a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern, and accordingly none is disclosed in the consolidated financial statements of the Group. Based on our audit of the consolidated financial statements of the Group, we also have not identified such a material uncertainty. However, neither management nor the auditor can guarantee the Group’s ability to continue as a going concern. Opinion Basis for opinion In partnership with Deloitte & Touche LLP 52 Key Audit Matters Going Concern Other Information (KIV) Responsibilities of preparers Responsibilities of auditors
  53. 53. Auditor’s Report Going Concern Considerations Entity is a healthy listed company with no going concern issues  What does it entail to state the 2 conclusions on going concern in the auditor’s report?  Any additional considerations? What about an entity with going concern issues? Will there be additional audit procedures required? In partnership with Deloitte & Touche LLP 53
  54. 54. Auditor’s Report Going Concern Considerations Evaluate management’s assessment Events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern? Yes 1 No If no other evidence obtained during the audit that suggests otherwise, going concern basis of accounting can be concluded to be Yes appropriate No Yes Material uncertainty identified? In partnership with Deloitte & Touche LLP Yes Going concern basis of accounting appropriate? Multiple material uncertainties that are significant to the FS Unmodified opinion + Going Concern section (with 2 subheadings) [SSA 570:22] 2 Adverse or Qualified opinion + Going Concern section (with 2 subheadings) [SSA 570:23] Yes Yes Disclaimer of opinion but NO Going Concern section 54 Unmodified opinion + Going Concern section [SSA 570:20] No Adequate disclosure about material uncertainty in FS? FS prepared by mgt based on going concern? No Yes No Adverse opinion but NO Going Concern section EOM (may)
  55. 55. Auditor’s Report Going Concern Conclusion 1 Auditor concludes that management’s use of the going concern basis of accounting is appropriate in the circumstances but a material uncertainty has been identified, with adequate disclosures in the FS: Disclosures about a Material Uncertainty Identified We draw attention to Note 6 in the financial statements, which indicates that the Company incurred a net loss of ZZZ during the year ended 31 December 20XX and, as of that date, the Company’s current liabilities exceeded its total assets by YYY. As stated in Note 6, these conditions, along with other matters as set forth in Note 6, indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Going Concern Basis of Accounting The material uncertainty identified above does not indicate that the going concern basis of accounting is inappropriate. The Company’s financial statements have been prepared using the going concern basis of accounting. The use of the going concern basis of accounting is appropriate unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. As part of our audit of the financial statements, we have concluded that management’s use of the going concern basis of accounting in the preparation of the Company’s financial statements is appropriate. In partnership with Deloitte & Touche LLP 55
  56. 56. Auditor’s Report Going Concern Conclusion 2 Auditor concludes that management’s use of the going concern basis of accounting is appropriate in the circumstances but a material uncertainty has been identified, with inadequate disclosures in the FS: Inadequate Disclosures about a Material Uncertainty Identified As described in the Basis for Qualified Opinion section of our report, a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern has been identified. This material uncertainty has not been adequately disclosed in the financial statements. Our opinion is qualified in respect of this matter. OR This material uncertainty has not been disclosed in the financial statements. We have expressed an adverse opinion as a result of this matter. Going Concern Basis of Accounting The material uncertainty identified above does not indicate that the going concern basis of accounting is inappropriate. The Company’s financial statements have been prepared using the going concern basis of accounting. The use of this basis of accounting is appropriate unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. As part of our audit of the financial statements, we have concluded that management’s use of the going concern basis of accounting in the preparation of the Company’s financial statements is appropriate. In partnership with Deloitte & Touche LLP 56
  57. 57. Auditor’s Report Going Concern: Potential Implications • More robust, upfront dialogues between auditor, management and TCWG relating to going concern? • More “assurance” required by auditors to conclude that there are no material uncertainties when events or conditions are identified?  Require more supporting documents and evidence from management (e.g. budgets, cash flow forecasts)? • Improve quality of disclosures about material uncertainties in the financial statements by management?  Not boiler plate, but more entity-specific plans • Corresponding improvement in accounting standards  What is material uncertainty? Significant doubt? In partnership with Deloitte & Touche LLP 57
  58. 58. Auditor’s Report Other Information This section is subject to the IAASB’s finalisation of proposed ISA 720 (Revised). The content of this section may include, among other matters: (a) a description of the auditor’s responsibilities with respect to other information; (b) identification of the document(s) available at the date of the auditor’s report that contain the other information to which the auditor’s responsibilities apply (c) a statement addressing the outcome of the auditor’s work on the other information; and (d) a statement that the auditor has not audited or reviewed the other information and, accordingly, does not express an audit opinion or a review conclusion on it. Opinion Basis for opinion In partnership with Deloitte & Touche LLP 58 Key Audit Matters Going Concern Other Information (KIV) Responsibilities of preparers Responsibilities of auditors
  59. 59. Auditor’s Report Responsibilities of Management for the consolidated financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of Act and Singapore Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Those charged with governance are responsible for overseeing the Company’s financial reporting process. Opinion Basis for opinion In partnership with Deloitte & Touche LLP 59 Key Audit Matters Going Concern Other Information (KIV) Responsibilities of preparers Responsibilities of auditors
  60. 60. Auditor’s Report Auditor’s Responsibilities for the Audit of the consolidated financial statements The objectives of our audit are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. Opinion Basis for opinion In partnership with Deloitte & Touche LLP 60 Key Audit Matters Going Concern Other Information (KIV) Responsibilities of preparers Responsibilities of auditors
  61. 61. Auditor’s Report Auditor’s Responsibilities for the Audit of the consolidated financial statements As part of an audit in accordance with SSAs, we exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. In partnership with Deloitte & Touche LLP 61
  62. 62. Auditor’s Report Auditor’s Responsibilities for the Audit of the consolidated financial statements • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We are also required to provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. In partnership with Deloitte & Touche LLP 62
  63. 63. Auditor’s Challenges  Buy in from management and TCWG  Pressure from management to have no KAM (allowed by ISA 701)  Blurring of responsibilities (e.g. original information) In partnership with Deloitte & Touche LLP 63 Communication with management and TCWG throughout the process  Significant judgment to apply ISA 701 (consistency within firm)  Describe KAM (slide 41)  Resolve differences of opinion internally  Additional hours from partners, and costs (esp. when there are significant developments)  Incremental audit documentation  Increase auditor liability
  64. 64. Potential implications/challenges from perspective of management Impact to the financial reporting process Lengthen audit process, increase costs 64 • Increased attention by management to the disclosures in the financial statements • Stronger focus on quality of disclosures in the financial statements • Indirect improvement to quality of financial reporting • Increased communication with auditors on KAM and GC • Potential disagreement on KAM identified and choice of wordings to describe KAM • Potential disagreement on opinion on GC • Increased costs, timing
  65. 65. Potential implications/challenges from perspective of management (cont’d) Concerns over how different users may interpret KAM Incremental valueadd of KAM over time 65 • Misconception that KAM = problem • Confused by KAM (e.g. no closure) • Queries at AGM • Queries from regulators • KAM becoming boilerplate • Comparability and consistency of auditor’s report when auditors change (partner rotation, change audit firms)
  66. 66. Potential implications/challenges from perspective of TCWG More questions from shareholders at AGM Growing interest in enhanced public reporting by ACs Enhance audit quality 66 • Shareholders may query the basis of the selection of matters communicated with the AC to be disclosed as KAM • ACs may be encouraged to provide more information about their activities in order to increase communication and transparency to users • Enhanced communication between auditor and AC • Positive benefits to audit quality
  67. 67. Next Steps… 2 months after YE in time for announcement 6-9 months before YE Earliest effective date In partnership with Deloitte & Touche LLP 67
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