To increase effectiveness in our different roles we are assuming as professionals, we have to be continuously kept up to date with all the developments taking place in our various disciplines. Nkonki Inc has introduced a SlideShare presentation to help you to understand the basics of the latest developments in Auditing, Accounting, Tax and Cyberspace. This week we update you with the new developments in the Auditing arena, the introduction of the New Auditor Report by the International Auditing and Assurance Standards Board (IAASB).
This document summarizes the new auditor's report and the IAASB's work plan. Key changes to the auditor's report include requiring the audit opinion to be presented first, including key audit matters, and providing additional focus on going concern assessments. The new report is intended to provide more informative communication to users. The IAASB's work plan focuses on enhancing audit quality, with priority given to projects on quality control, group audits, professional skepticism, and revising ISA 540 regarding auditing accounting estimates.
The document provides an overview of the new and revised International Standards on Auditing regarding auditor reporting that were released in January 2015 and become effective for audit periods ending on or after December 15, 2016. Key changes include requiring auditors to communicate Key Audit Matters in their reports for listed entities, enhancing reporting on going concern matters, and other changes to the format and content of audit reports. The slides describe these new standards and their objectives to improve auditor communications and the informativeness of audit reports for users.
The document discusses key aspects of financial statements that should be reviewed when analyzing a company's accounts, including the director's report, notes, trial balance, and tax audit report. It provides examples of items to examine, such as details on inventory write-offs, capital expenditures, inter-company transactions, and service tax payments. The analysis aims to identify any discrepancies between a company's financial statements and service tax compliance.
The document summarizes key aspects of financial statements that should be reviewed during an audit, including the director's report, notes, trial balance, and balance sheet. It provides examples of items to examine, such as details on inventory valuation, treatment of damaged goods, capital expenditures, related party transactions, and credit availment. The presentation emphasizes reviewing ratios, prior period expenses, service tax payments, and information in the tax audit report to thoroughly evaluate the financials.
The document summarizes key aspects of financial statements that should be reviewed during an audit, including the director's report, notes to accounts, trial balance, and balance sheet. It provides examples of items to examine, such as details on inventory write-offs, capital expenditures, subsidiaries, and related party transactions. The presentation also outlines important information that can be obtained from the tax audit report to validate credit balances and expenses.
The document summarizes key aspects of understanding financial statements for an audit. It discusses reviewing the director's report for key information, case studies on observations that may indicate tax issues, notes to financial statements that require examination, types of ratios to analyze, periods of review, balance sheet and trial balance items to focus on, and special items requiring attention in a service tax audit such as reverse charge mechanisms.
Auditing Funds and Crypto Funds (2018 08 22)David Walker
The document discusses international standards on auditing with a focus on Cayman funds, covering topics such as audit planning considerations, internal controls and risk assessment, auditing specific accounting cycles, audit completion and new auditor reporting standards. It provides an overview and agenda for the presentation, which includes discussions of audit risk assessments, related parties, working with other auditors, investments, cash, expenses, and new ISA requirements.
This document summarizes the new auditor's report and the IAASB's work plan. Key changes to the auditor's report include requiring the audit opinion to be presented first, including key audit matters, and providing additional focus on going concern assessments. The new report is intended to provide more informative communication to users. The IAASB's work plan focuses on enhancing audit quality, with priority given to projects on quality control, group audits, professional skepticism, and revising ISA 540 regarding auditing accounting estimates.
The document provides an overview of the new and revised International Standards on Auditing regarding auditor reporting that were released in January 2015 and become effective for audit periods ending on or after December 15, 2016. Key changes include requiring auditors to communicate Key Audit Matters in their reports for listed entities, enhancing reporting on going concern matters, and other changes to the format and content of audit reports. The slides describe these new standards and their objectives to improve auditor communications and the informativeness of audit reports for users.
The document discusses key aspects of financial statements that should be reviewed when analyzing a company's accounts, including the director's report, notes, trial balance, and tax audit report. It provides examples of items to examine, such as details on inventory write-offs, capital expenditures, inter-company transactions, and service tax payments. The analysis aims to identify any discrepancies between a company's financial statements and service tax compliance.
The document summarizes key aspects of financial statements that should be reviewed during an audit, including the director's report, notes, trial balance, and balance sheet. It provides examples of items to examine, such as details on inventory valuation, treatment of damaged goods, capital expenditures, related party transactions, and credit availment. The presentation emphasizes reviewing ratios, prior period expenses, service tax payments, and information in the tax audit report to thoroughly evaluate the financials.
The document summarizes key aspects of financial statements that should be reviewed during an audit, including the director's report, notes to accounts, trial balance, and balance sheet. It provides examples of items to examine, such as details on inventory write-offs, capital expenditures, subsidiaries, and related party transactions. The presentation also outlines important information that can be obtained from the tax audit report to validate credit balances and expenses.
The document summarizes key aspects of understanding financial statements for an audit. It discusses reviewing the director's report for key information, case studies on observations that may indicate tax issues, notes to financial statements that require examination, types of ratios to analyze, periods of review, balance sheet and trial balance items to focus on, and special items requiring attention in a service tax audit such as reverse charge mechanisms.
Auditing Funds and Crypto Funds (2018 08 22)David Walker
The document discusses international standards on auditing with a focus on Cayman funds, covering topics such as audit planning considerations, internal controls and risk assessment, auditing specific accounting cycles, audit completion and new auditor reporting standards. It provides an overview and agenda for the presentation, which includes discussions of audit risk assessments, related parties, working with other auditors, investments, cash, expenses, and new ISA requirements.
This document provides an agenda and overview for a workshop on funds management and budget availability and control in SAP. The workshop objectives are to review current budget control processes, define budget control in SAP at the fund, commitment item, and other levels, and determine exceptions. Key concepts to be covered include the budget control system, availability control addresses, budget addresses, posting addresses, and tolerance profiles. The workshop aims to configure SAP's funds management module to meet budgetary control requirements.
This document outlines the audit phases and timeline, deliverables, readiness recommendations, and testing activities for an upcoming audit. It discusses planning the audit from May to September, with fieldwork in mid-September and completion by November/December. Recommendations are made to reconcile accounts monthly and prioritize certain tasks that can be done in July in preparation for the audit. The accounting basis for various financial statements is also reviewed.
This document discusses the fundamentals and purpose of financial statement audits. It outlines the relationship between accounting and auditing, the need for audits due to conflicts of interest and complexity, and theories like agency theory that explain the purpose of audits. The document also describes the audit process, the duties and legal requirements of auditors, what gets included in the auditor's report, and limitations of audits.
The document describes the Loan Administration Change Initiative (LACI) which aims to improve development effectiveness through better financial management of World Bank financed projects. LACI simplifies disbursement procedures by linking quarterly disbursements to physical progress reports instead of requiring detailed documentation. It also ensures projects have strong financial management systems in place. The roles of both borrowers and the World Bank are outlined, and procedures for project selection, implementation, reporting, certification and disbursement under LACI are described.
The document summarizes a workshop on fiduciary capacities for project implementers from 14 countries in Eastern and Southern Africa. The workshop aimed to upgrade capacities and facilitate experience sharing in financial management, procurement, audit, and accounting. Over 128 staff participated and discussed best practices from projects in the region. Key topics included financial reporting, procurement, audit functions and guidelines, and challenges faced in implementation. Sharing experiences and using IFAD resources and tools were emphasized to strengthen fiduciary systems and increase project implementation results.
Auditing Cayman Funds and Crypto FundsDavid Walker
Presentation by Moore Stephens Cayman for the Cayman Islands Institute of Accountants on International Standards on Auditing for Cayman Funds & Cryptocurrency Funds
This document discusses auditing procedures for investments, cash and bank balances, and revenue and expenditures. It provides the purpose, evidence, suitable audit objectives and assertions, and audit procedures for each area. For investments, the objectives are to ensure proper authorization, recording, valuation and disclosure of investments. Suitable procedures include verifying purchase and sale documentation, payments, dividends received, and financial statement disclosure. For cash and bank balances, the objectives are around existence, completeness, accuracy, cut-off and classification. Recommended procedures include bank confirmation, reconciliation checks, and sampling transactions. The revenue and expenditures section outlines audit tests around authorization, completeness, accuracy and other assertions through examining documentation and tracing samples.
The document discusses the objectives and purpose of an audit. It states that the purpose is to provide an opinion on whether financial statements are fairly presented in accordance with the financial reporting framework. It then discusses how auditors set audit objectives and how they are related to management assertions on transactions, account balances, and disclosures. The document provides examples of common audit objectives for transactions, balances, and disclosures and how they correspond to management assertions like occurrence, completeness, valuation, etc. It also discusses how audit objectives are met through obtaining sufficient appropriate audit evidence following the audit process methodology.
IMELDA M. ROXAS- Comprehensive CV-12.13.16IMELDA ROXAS
Imelda M. Roxas has over 10 years of experience in finance management and accounting roles. She has worked at Friendlycare Foundation Inc. as Finance Manager, the Philippine Commission on Women as Finance Officer, and Inland Group of Companies as Assistant Head of the Compliance and Reports Department. In these roles, she has prepared budgets, financial reports, analyses, and ensured regulatory compliance. She is proficient in accounting systems and financial reporting.
This document provides information about auditing and assurance including defining fraud and differentiating it from error, understanding audit legal liabilities, and identifying factors that help minimize auditor liabilities. It defines fraud as an intentional act involving deception, discusses how fraud differs from unintentional errors, and provides examples of each. It also outlines three types of legal liabilities for auditors: to clients, to third parties, and for fraud cases. Key cases related to each type of liability are summarized. Finally, it discusses factors that can help minimize an auditor's legal liabilities such as setting standards, opposing unwarranted lawsuits, educating users, and tailoring engagements.
The document discusses the key aspects of auditing and inventory management. It begins by defining an audit as the process of gathering evidence to evaluate assertions and ensure financial statements are fairly presented. The main features of an audit are that it examines a specific subject matter using evidence in a systematic and unbiased manner, involving three parties: shareholders, managers, and auditors. Inventory management is then discussed, defining inventory as assets held for future sale and including raw materials, work in progress, finished goods, consumables and spares. The objectives of inventory management are to ensure continuous supply while avoiding over- or under-stocking, maintaining optimum investment levels and controlling costs.
The document discusses the overall audit plan and audit program. It covers:
1) Applying audit testing including tests of controls, testing for monetary misstatements, and reducing audit risk.
2) Designing the audit program including tests of controls, substantive tests of transactions, analytical procedures, and tests of details of balances.
3) Selecting appropriate audit tests considering the cost of testing, appropriate evidence needed, and how risk affects testing.
This document discusses the key concepts and principles of accounting for management. It defines management accounting as a combination of financial accounting and cost accounting that helps management functions like planning, organizing, staffing, directing, coordinating, reporting and budgeting. The document outlines the scope, objectives, tools, advantages and limitations of management accounting, and compares it to financial accounting and cost accounting. It also discusses recent trends in management accounting like cash flow reporting, segment reporting and interim financial reporting.
International Standards on Auditing - Cayman Funds (2017)David Walker
The document discusses international standards on auditing with a focus on Cayman funds. It covers several key areas:
1. Audit planning considerations such as risk assessments, materiality, expected audit opinions, and communication with those charged with governance.
2. Internal controls and risk assessment, including reliance on internal controls reports, controls testing, and addressing risks of management override and fraudulent financial reporting.
3. Auditing specific accounting cycles such as investments, cash and receivables, share capital, expenses, and evaluating the appropriateness of the going concern basis of accounting.
The document provides guidance on audit procedures, documentation requirements, and assessing risks for a number of financial statement line items and audit areas according
The document discusses the key requirements and timeline for implementing the Volcker Rule and the French Banking Law (LBF). It provides an overview of the rules under each regulation and notes the strong interplay between the two, especially regarding proprietary trading. It also outlines some key impacts to consider, such as identifying permitted activities, metrics reporting requirements, and enhancing compliance programs. Finally, it proposes next steps for assessing readiness, including defining trading desks, exit strategies, and developing a metrics reporting strategy.
International Staandards on Auditing 200FarhanNasir21
The document outlines the overall objectives and responsibilities of an independent auditor conducting an audit of financial statements in accordance with International Standards on Auditing (ISA). The objectives are to obtain reasonable assurance that the financial statements are free of material misstatement and to report the auditor's findings. The document also defines key terms, explains the auditor's requirements regarding professional judgment and skepticism, and addresses inherent limitations of an audit.
The document discusses audit evidence, which is information used by an auditor to arrive at conclusions to support the audit opinion. It should be sufficient and appropriate. Sufficiency refers to quantity and appropriateness to quality and relevance. The auditor considers inherent risk, control risk, materiality, and other factors to judge sufficient and appropriate evidence. Evidence comes from tests of controls, substantive procedures, and inquiries. It is used to evaluate financial statement assertions like existence, completeness, and valuation of assets and liabilities.
Assurance and advisory firm Nkonki will be hosting a roundtable session exclusively for CFOs with Darrel Scott, Board Member of the IFRS Foundation. Scott, who is in Johannesburg for the occasion, will provide global and industry insights on the newly-released IFRS 16, issued on 13 January 2016, to CFOs from many of South Africa’s leading companies.
“The session is designed to share insights and deliberate on how this new accounting standard will impact processes and financial reporting, and how industries across the globe will deal with this change,” says Sindi Zilwa, CEO of Nkonki. It will also provide an update on accounting developments in the medium term.
The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer (‘lessee’) and the supplier (‘lessor’). IFRS 16 is effective from 1 January 2019. IFRS 16 completes the IASB’s project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.
The original trans-continental journey and flagship expedition crossing Africa from north to south, covering almost 12,000 km in four months. The Tour d’Afrique – a test of mind, body, and bicycle. Traveling through 10 countries in all, you will cycle along the Nile past ancient temples, through the Sudanese desert, and up and down the biblical landscapes of Ethiopia’s rugged Simian Mountains. After crossing the Equator in Kenya, you will pedal past legendary Mount Kilimanjaro, to Lake Malawi, Victoria Falls, and along the edges of the magnificent Kalahari and Namib deserts, en route to the finish of your epic journey in beautiful Cape Town, South Africa.
How to Manage an International Equipment Leasing Programleaseaccelerator
This document summarizes a presentation on best practices for managing an international equipment leasing program. It discusses Cummins, Inc.'s experience with leasing equipment globally and the problems they faced prior to 2010, including not having centralized oversight and management of their international leasing activities. The presentation provides an overview of the types of equipment Cummins commonly leases worldwide and recommends best practices for multinational corporations to effectively manage international leasing programs.
Procurement Professionals - Learn best practices for how to reduce your spend on leased equipment. Centralize, consolidate and analyze leasing spend as you would any other category.
This document provides an agenda and overview for a workshop on funds management and budget availability and control in SAP. The workshop objectives are to review current budget control processes, define budget control in SAP at the fund, commitment item, and other levels, and determine exceptions. Key concepts to be covered include the budget control system, availability control addresses, budget addresses, posting addresses, and tolerance profiles. The workshop aims to configure SAP's funds management module to meet budgetary control requirements.
This document outlines the audit phases and timeline, deliverables, readiness recommendations, and testing activities for an upcoming audit. It discusses planning the audit from May to September, with fieldwork in mid-September and completion by November/December. Recommendations are made to reconcile accounts monthly and prioritize certain tasks that can be done in July in preparation for the audit. The accounting basis for various financial statements is also reviewed.
This document discusses the fundamentals and purpose of financial statement audits. It outlines the relationship between accounting and auditing, the need for audits due to conflicts of interest and complexity, and theories like agency theory that explain the purpose of audits. The document also describes the audit process, the duties and legal requirements of auditors, what gets included in the auditor's report, and limitations of audits.
The document describes the Loan Administration Change Initiative (LACI) which aims to improve development effectiveness through better financial management of World Bank financed projects. LACI simplifies disbursement procedures by linking quarterly disbursements to physical progress reports instead of requiring detailed documentation. It also ensures projects have strong financial management systems in place. The roles of both borrowers and the World Bank are outlined, and procedures for project selection, implementation, reporting, certification and disbursement under LACI are described.
The document summarizes a workshop on fiduciary capacities for project implementers from 14 countries in Eastern and Southern Africa. The workshop aimed to upgrade capacities and facilitate experience sharing in financial management, procurement, audit, and accounting. Over 128 staff participated and discussed best practices from projects in the region. Key topics included financial reporting, procurement, audit functions and guidelines, and challenges faced in implementation. Sharing experiences and using IFAD resources and tools were emphasized to strengthen fiduciary systems and increase project implementation results.
Auditing Cayman Funds and Crypto FundsDavid Walker
Presentation by Moore Stephens Cayman for the Cayman Islands Institute of Accountants on International Standards on Auditing for Cayman Funds & Cryptocurrency Funds
This document discusses auditing procedures for investments, cash and bank balances, and revenue and expenditures. It provides the purpose, evidence, suitable audit objectives and assertions, and audit procedures for each area. For investments, the objectives are to ensure proper authorization, recording, valuation and disclosure of investments. Suitable procedures include verifying purchase and sale documentation, payments, dividends received, and financial statement disclosure. For cash and bank balances, the objectives are around existence, completeness, accuracy, cut-off and classification. Recommended procedures include bank confirmation, reconciliation checks, and sampling transactions. The revenue and expenditures section outlines audit tests around authorization, completeness, accuracy and other assertions through examining documentation and tracing samples.
The document discusses the objectives and purpose of an audit. It states that the purpose is to provide an opinion on whether financial statements are fairly presented in accordance with the financial reporting framework. It then discusses how auditors set audit objectives and how they are related to management assertions on transactions, account balances, and disclosures. The document provides examples of common audit objectives for transactions, balances, and disclosures and how they correspond to management assertions like occurrence, completeness, valuation, etc. It also discusses how audit objectives are met through obtaining sufficient appropriate audit evidence following the audit process methodology.
IMELDA M. ROXAS- Comprehensive CV-12.13.16IMELDA ROXAS
Imelda M. Roxas has over 10 years of experience in finance management and accounting roles. She has worked at Friendlycare Foundation Inc. as Finance Manager, the Philippine Commission on Women as Finance Officer, and Inland Group of Companies as Assistant Head of the Compliance and Reports Department. In these roles, she has prepared budgets, financial reports, analyses, and ensured regulatory compliance. She is proficient in accounting systems and financial reporting.
This document provides information about auditing and assurance including defining fraud and differentiating it from error, understanding audit legal liabilities, and identifying factors that help minimize auditor liabilities. It defines fraud as an intentional act involving deception, discusses how fraud differs from unintentional errors, and provides examples of each. It also outlines three types of legal liabilities for auditors: to clients, to third parties, and for fraud cases. Key cases related to each type of liability are summarized. Finally, it discusses factors that can help minimize an auditor's legal liabilities such as setting standards, opposing unwarranted lawsuits, educating users, and tailoring engagements.
The document discusses the key aspects of auditing and inventory management. It begins by defining an audit as the process of gathering evidence to evaluate assertions and ensure financial statements are fairly presented. The main features of an audit are that it examines a specific subject matter using evidence in a systematic and unbiased manner, involving three parties: shareholders, managers, and auditors. Inventory management is then discussed, defining inventory as assets held for future sale and including raw materials, work in progress, finished goods, consumables and spares. The objectives of inventory management are to ensure continuous supply while avoiding over- or under-stocking, maintaining optimum investment levels and controlling costs.
The document discusses the overall audit plan and audit program. It covers:
1) Applying audit testing including tests of controls, testing for monetary misstatements, and reducing audit risk.
2) Designing the audit program including tests of controls, substantive tests of transactions, analytical procedures, and tests of details of balances.
3) Selecting appropriate audit tests considering the cost of testing, appropriate evidence needed, and how risk affects testing.
This document discusses the key concepts and principles of accounting for management. It defines management accounting as a combination of financial accounting and cost accounting that helps management functions like planning, organizing, staffing, directing, coordinating, reporting and budgeting. The document outlines the scope, objectives, tools, advantages and limitations of management accounting, and compares it to financial accounting and cost accounting. It also discusses recent trends in management accounting like cash flow reporting, segment reporting and interim financial reporting.
International Standards on Auditing - Cayman Funds (2017)David Walker
The document discusses international standards on auditing with a focus on Cayman funds. It covers several key areas:
1. Audit planning considerations such as risk assessments, materiality, expected audit opinions, and communication with those charged with governance.
2. Internal controls and risk assessment, including reliance on internal controls reports, controls testing, and addressing risks of management override and fraudulent financial reporting.
3. Auditing specific accounting cycles such as investments, cash and receivables, share capital, expenses, and evaluating the appropriateness of the going concern basis of accounting.
The document provides guidance on audit procedures, documentation requirements, and assessing risks for a number of financial statement line items and audit areas according
The document discusses the key requirements and timeline for implementing the Volcker Rule and the French Banking Law (LBF). It provides an overview of the rules under each regulation and notes the strong interplay between the two, especially regarding proprietary trading. It also outlines some key impacts to consider, such as identifying permitted activities, metrics reporting requirements, and enhancing compliance programs. Finally, it proposes next steps for assessing readiness, including defining trading desks, exit strategies, and developing a metrics reporting strategy.
International Staandards on Auditing 200FarhanNasir21
The document outlines the overall objectives and responsibilities of an independent auditor conducting an audit of financial statements in accordance with International Standards on Auditing (ISA). The objectives are to obtain reasonable assurance that the financial statements are free of material misstatement and to report the auditor's findings. The document also defines key terms, explains the auditor's requirements regarding professional judgment and skepticism, and addresses inherent limitations of an audit.
The document discusses audit evidence, which is information used by an auditor to arrive at conclusions to support the audit opinion. It should be sufficient and appropriate. Sufficiency refers to quantity and appropriateness to quality and relevance. The auditor considers inherent risk, control risk, materiality, and other factors to judge sufficient and appropriate evidence. Evidence comes from tests of controls, substantive procedures, and inquiries. It is used to evaluate financial statement assertions like existence, completeness, and valuation of assets and liabilities.
Assurance and advisory firm Nkonki will be hosting a roundtable session exclusively for CFOs with Darrel Scott, Board Member of the IFRS Foundation. Scott, who is in Johannesburg for the occasion, will provide global and industry insights on the newly-released IFRS 16, issued on 13 January 2016, to CFOs from many of South Africa’s leading companies.
“The session is designed to share insights and deliberate on how this new accounting standard will impact processes and financial reporting, and how industries across the globe will deal with this change,” says Sindi Zilwa, CEO of Nkonki. It will also provide an update on accounting developments in the medium term.
The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer (‘lessee’) and the supplier (‘lessor’). IFRS 16 is effective from 1 January 2019. IFRS 16 completes the IASB’s project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.
The original trans-continental journey and flagship expedition crossing Africa from north to south, covering almost 12,000 km in four months. The Tour d’Afrique – a test of mind, body, and bicycle. Traveling through 10 countries in all, you will cycle along the Nile past ancient temples, through the Sudanese desert, and up and down the biblical landscapes of Ethiopia’s rugged Simian Mountains. After crossing the Equator in Kenya, you will pedal past legendary Mount Kilimanjaro, to Lake Malawi, Victoria Falls, and along the edges of the magnificent Kalahari and Namib deserts, en route to the finish of your epic journey in beautiful Cape Town, South Africa.
How to Manage an International Equipment Leasing Programleaseaccelerator
This document summarizes a presentation on best practices for managing an international equipment leasing program. It discusses Cummins, Inc.'s experience with leasing equipment globally and the problems they faced prior to 2010, including not having centralized oversight and management of their international leasing activities. The presentation provides an overview of the types of equipment Cummins commonly leases worldwide and recommends best practices for multinational corporations to effectively manage international leasing programs.
Procurement Professionals - Learn best practices for how to reduce your spend on leased equipment. Centralize, consolidate and analyze leasing spend as you would any other category.
Cummins explains how they transformed their global equipment leasing program to yield significant savings. Cummins explains how they reduced sourcing costs by introducing competitive bidding on lease terms; lowered evergreen payments with better end of term management; and standardized lease vs buy across a global community of stakeholders.
IFRS 16 Leasing with SAP Real Estate ManagementTobias Decker
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) recently announced the release of new accounting standards that define how organizations must account for leases. Essentially, these accounting standards stipulate most leases must be reported on each company’s balance sheet, increasing the risk of regulatory noncompliance and inaccurate statutory reporting.
SAP Real Estate Management is used to optimize the portfolio of global assets and supports the regulatory compliance of these new accounting rules. This solution provides a single point of entry for collection, validation of lease contract data, performs valuation calculations and generates the financial postings derived from these calculations.
New Lease Accounting Standards - FASB 842 and IFRS 16leaseaccelerator
Provides an overview of the new lease accounting standards released by FASB and IASB. Describes differences between new standards (FASB 842 and IASB 16) as compared to prior standards (FASB 840 and IASB 17). Explains implementation timeframes and transition reporting requirements. Focuses on equipment lease accounting versus real estate accounting.
This slide presentation has been prepared by the IAASB’s Auditor Reporting Implementation Working Group to assist IAASB members, national standard setters, auditors and others promote awareness of the new and revised Auditor Reporting standards within their respective jurisdictions.
The document discusses changes to the auditor's report to make it more informative for users. Key changes include requiring the audit opinion to be presented first, including key audit matters (KAM) for listed entities, providing additional focus on going concern assessments, and including a new section on other information. KAM are matters of most significance to the audit determined based on risk assessments, significant judgments, and significant events/transactions. Not all matters will be included in every report. Resources are provided to help with implementation of the new standards, which are effective for periods ending after December 15, 2016.
The document discusses the new auditor's report requirements that will take effect for audits ending on or after December 15, 2016. Key changes include adding a new section to communicate key audit matters, revising descriptions of management and auditor responsibilities related to going concern, and enhancing descriptions of the audit performed and auditor responsibilities. The new requirements are aimed at making auditor's reports more informative and relevant to financial statement users. The document provides an overview of the new requirements and compares the format of reports under the revised standards versus the current format. An illustrative example of the new auditor's report is also included.
Presentation by Warren Allen, President, International Federation of Accountants at the Institute of Certified Public Accountant of Greece, in Athens, Greece, September 19, 2014
The document summarizes proposed changes to International Standards on Auditing regarding auditor reporting. Key proposals include requiring auditors to communicate key audit matters in listed entity audits, including areas of significant risk, difficulty, or modification to planned procedures. A going concern section would replace emphasis paragraphs on material uncertainties. Auditors would need to explicitly state compliance with independence standards. The engagement partner would be named in listed entity audit reports.
This presentation by Paul Thompson, Deputy Director, SME & SMP Affairs, explores the challenges currently faced by SMP's, provides regulators' observations and offers tips for audit efficiency.
The International Auditing and Assurance Standards Board issued new and revised auditor reporting standards that take effect in December 2016. The standards are intended to increase transparency in audit reporting and enhance communication between auditors and report users. Key changes include requiring auditors to communicate "key audit matters" in reports for listed entities and expanding discussions of auditor responsibilities and other information contained in audited financial statements.
Uct investor presentation october 2016Ultracleanir
The document provides an investor presentation for a company in the semiconductor capital equipment industry. Some key points:
- Revenue in Q3 2016 was $146M, up 12.6% from the previous quarter, with GAAP EPS of $0.08 and non-GAAP EPS of $0.17.
- Spending on semiconductor wafer equipment is expected to continue recovering as chipmakers invest in new nodes.
- The company provides design, engineering, manufacturing and turnkey solutions across the semiconductor manufacturing process.
- It aims to outperform industry growth through strategic investments and delivering value to customers.
Auditing and Assurance Update on Non-Financial InformationWorkiva
44th World Continuous Auditing and Reporting Symposium Accounting and Auditing in an Artificial Intelligence Environment Foro Fundación Cajasol · Sevilla, Spain
March 21 & 22, 2019
The document discusses changes to auditor reporting standards in ISA 700 and ISA 701. The goals of the changes are to highlight significant matters from the audit, introduce an explicit statement of auditor independence, and restructure reports to put the opinion and entity-specific information first. Key components of the new audit report include the opinion, basis for opinion, going concern matters, key audit matters for listed entities, and descriptions of management and auditor responsibilities. The new standards take effect for periods ending after 15 December 2016. Key audit matters are the most significant matters communicated to governance and involve areas requiring significant management judgment.
This document summarizes discussions from the annual AICPA Conference on Current SEC and PCAOB Developments. Key topics discussed included new accounting standards such as revenue recognition and leases. Regulators expressed concerns about Brexit and LIBOR disclosures. Cybersecurity disclosures were also emphasized. The PCAOB and SEC discussed critical audit matters and their expectation that auditors will identify at least one CAM for each audit. SEC Chairman Clayton and Chief Accountant Bricker stressed the importance of high-quality financial reporting.
The document discusses recently issued auditing standards from the AICPA Auditing Standards Board, including SAS 134-143. SAS 134-140 relate to auditor reporting and were originally effective for periods ending on or after December 15, 2020 but have been amended to be effective for periods ending on or after December 15, 2021, with early implementation permitted. The standards introduce significant changes to the form and content of audit reports, including placing the auditor's opinion first and introducing key audit matters.
This document discusses upcoming changes to auditor reporting that will require auditors to disclose key audit matters (KAM) in their audit reports. It summarizes feedback from stakeholders in Australia and New Zealand on the implications and impact of these changes. While stakeholders see potential value in increased transparency and understanding of the audit, they also identify challenges including increased liability, time and costs. The document provides insights from international examples and discussions on how to ensure the changes have their intended benefit without unintended consequences like overly long reports that confuse rather than inform.
The document discusses the IAASB's Auditor Reporting Roundtable held in New York on September 10, 2012. It provides an overview of the roundtable agenda which included sessions on auditor commentary, going concern and other information reporting, and increasing transparency and clarification in audit reports. The document outlines the IAASB's proposals to improve and enhance auditor reporting, including adding new sections on auditor commentary, going concern assessments, and other information. It seeks feedback from roundtable participants on these proposed changes to determine how to increase the relevance and usefulness of audit reports for users while balancing other considerations.
This document provides an investor presentation for a company in August 2016. It begins with safe harbor statements noting that some statements in the presentation are forward-looking and subject to risks and uncertainties. It then discusses non-GAAP financial measures used by management to evaluate performance. The presentation provides an overview of the company as a global leader in designing, engineering and manufacturing critical modules for the semiconductor capital equipment industry. It highlights the company's capabilities, customers, markets served and financial performance.
The document summarizes activities and projects of the International Auditing & Assurance Standards Board (IAASB). It discusses the IAASB's priorities of ensuring high-quality audits in a changing environment. Key projects include revisions to ISA 540 on accounting estimates, ISA 315 on risk assessment, ISA 220 on engagement quality control, ISA 600 on group audits, and strengthening professional skepticism. It provides updates on the progress of these projects and outlines the IAASB's focus on matters like scalability, firm quality control, and addressing the needs of small- and medium-sized practices and audits of smaller entities.
The International Auditing and Assurance Standards Board (IAASB) is working to improve the auditor's report. They issued an Invitation to Comment in June 2012 based on feedback from a 2011 consultation paper. The IAASB intends to develop revised auditing standards on auditor reporting by June 2013. This will have implications for auditor reporting in New Zealand. There is a perception that the current auditor's report does not meet the information needs of financial statement users. The IAASB is considering additions to the report such as an auditor commentary paragraph, conclusions on going concern, and identification of the engagement partner.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART KALYAN CHART
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...Herman Kienhuis
Presentation by Herman Kienhuis (Curiosity VC) on developments in AI, the venture capital investment landscape and Curiosity VC's approach to investing, at the alumni event of Amsterdam Business School (University of Amsterdam) on June 13, 2024 in Amsterdam.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
The Role of White Label Bookkeeping Services in Supporting the Growth and Sca...YourLegal Accounting
Effective financial management is important for expansion and scalability in the ever-changing US business environment. White Label Bookkeeping services is an innovative solution that is becoming more and more popular among businesses. These services provide a special method for managing financial duties effectively, freeing up companies to concentrate on their main operations and growth plans. We’ll look at how White Label Bookkeeping can help US firms expand and develop in this blog.
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...Adani case
Time and again, the business group has taken up new business ventures, each of which has allowed it to expand its horizons further and reach new heights. Even amidst the Adani CBI Investigation, the firm has always focused on improving its cement business.
Efficient PHP Development Solutions for Dynamic Web ApplicationsHarwinder Singh
Unlock the full potential of your web projects with our expert PHP development solutions. From robust backend systems to dynamic front-end interfaces, we deliver scalable, secure, and high-performance applications tailored to your needs. Trust our skilled team to transform your ideas into reality with custom PHP programming, ensuring seamless functionality and a superior user experience.
Tired of chasing down expiring contracts and drowning in paperwork? Mastering contract management can significantly enhance your business efficiency and productivity. This guide unveils expert secrets to streamline your contract management process. Learn how to save time, minimize risk, and achieve effortless contract management.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
1. Overview of the New and Revised Auditor Reporting
Standards and Related Conforming Amendments
March 2015
The New
Auditor’s Report
2. Page 2Page 2
Background Information
► These slides have been prepared by the IAASB’s Auditor
Reporting Implementation Working Group
− They form part of the Auditor Reporting Toolkit, and are intended to
assist IAASB members, national standard setters, auditors and
others in promoting the new and revised Auditor Reporting standards
within their respective jurisdictions.
► The IAASB staff-prepared At a Glance publication
complements this slide presentation, includes an illustration
of the new auditor’s report and is available at
www.iaasb.org/auditor-reporting.
3. Page 3Page 3
► Project Overview and Introduction
► Key Audit Matters (KAM)
► Going Concern (GC)
► Other Changes to the Auditor’s Report
► Auditor Reporting Implementation
Index
4. Page 4Page 4
Overview of the IAASB’s Auditor Reporting
Project
Research & Consultation
Academic Research
(2006 – 2009)
Review of National
Developments / Initiatives
(2009-2010)
Consultation Paper: Enhancing the
Value of Auditor Reporting
(May 2011)
Commencement of
Standard Setting
Project Proposal
(December 2011)
Task Force and Drafting
Teams
(January 2012)
Public Consultation
Invitation to Comment:
Improving the Auditor’s
Report
(June 2012)
Outreach and Roundtables
Released new and revised Auditor Reporting ISAs in Jan 2015
Effective Date – Periods ending on or after December 15, 2016
Exposure Draft
(June 2013)
5. Page 5Page 5
Why Change the Auditor’s Report Now?
► Foundation for the future of global auditor reporting and
improved auditor communications
► Essential to the continued relevance of the audit profession
globally
– Audit opinion is valued, but could be more informative
– Users want more relevant and decision-useful information
about the entity and the financial statement audit
6. Page 6Page 6
Expected Benefits of the New Auditor’s
Report
► Enhanced communicative value to users
► More robust interactions and communication among users,
auditors and those charged with governance (TCWG)
► Increased attention by management and TCWG to the
disclosures referred to in the KAM section of the auditor’s
report
► Increased professional skepticism in areas where KAM are
identified
► Increased audit quality or users’ perception of audit quality
7. Page 7Page 7
New and Revised Auditor Reporting Standards
Overarching Standard for Auditor Reporting – ISA 700 (Revised)
Revisions to ISAs 260 and 706 as a result of ISA 701, and related
conforming amendments to ISAs 210, 220, 230, 510, 540, 600, 710
Modifications
to auditor’s
opinions
ISA 705
(Revised)
New Key
Audit Matters
section
ISA 701
Enhanced
auditor
reporting
related to going
concern
ISA 570
(Revised)
New other
information
section
ISA 720
(Revised)
Coming soon!
8. Page 8Page 8
What Are KAM?
KAM are defined as those matters that,
in the auditor’s professional
judgment, were of most significance
in the audit of the financial statements of
the current period
KAM are selected from matters
communicated with TCWG
9. Page 9Page 9
Which Auditor’s Reports Will Include a
KAM Section?
► KAM is required to be communicated in the auditor’s report
for audits of financial statements of listed entities in
accordance with new ISA 701
– Law or regulation may require KAM for audits of entities other than
listed entities (e.g., “public interest entities”, or public sector entities)
– Auditors may voluntarily, or at the request of management or
TCWG, communicate KAM in the auditor’s report for entities other than
listed entities
10. Page 10Page 10
Are KAM Always Communicated in the
Auditor’s Report?
► Auditor is required to include each KAM unless
► Law or regulation precludes disclosure
► In extremely rare circumstances, the auditor determines that the
matter should not be communicated
Adverse consequences of communicating the KAM would reasonably be
expected to outweigh the public interest benefits of such communication
► KAM is prohibited for a disclaimer of opinion, but required for
a qualified or adverse opinion
► In certain limited circumstances, there may be no KAM to be
communicated
11. Page 11Page 11
The Decision-Making Framework for KAM
Matters that were
communicated with those
charged with governance
Matters that
required
significant
auditor attention
Matters of most
significance
in the
audit
Key Audit
Matters
12. Page 12Page 12
Initial Step in Determining KAM
The auditor will always consider
• Areas of higher assessed risks of material misstatements or
significant risks (i.e., risks requiring special audit
consideration)
• Significant auditor judgments relating to areas of significant
management judgment (e.g., complex accounting estimates)
• Effect on the audit of significant events or transactions
Matters that were
communicated with TCWG
Matters that required
significant auditor attention
13. Page 13Page 13
Determination of Matters of Most
Significance in the Audit – KAM
• KAM is determined by the auditor’s consideration of the
– Nature and extent of communication with TCWG
– Importance to intended users’ understanding of the f/s
– Nature and extent of audit effort needed to address
– Nature of the underlying accounting policy, its complexity or subjectivity
– Nature and materiality, quantitatively or qualitatively, of corrected and
accumulated uncorrected misstatements due to fraud or error (if any)
– Severity of any control deficiencies identified relevant to the matter (if any)
– Nature and severity of difficulties in applying audit procedures, evaluating the
results of those procedures, and obtaining relevant and reliable evidence
Matters that required significant
auditor attention
Matters of most significance
in the
audit
14. Page 14Page 14
KAM – What Is Included in the
Description?
► The description always includes
− Why the matter was considered to be a KAM
− How the matter was addressed in the audit
− Reference to the related disclosure(s), if any
► The description of how the matter was addressed in the audit
may include
− Aspects of the auditor’s response or approach
− Brief overview of procedures performed
− Indication of the outcome of the auditor’s procedures
− Key observations with respect to the matter
15. Page 15Page 15
Considerations in Describing KAM
► KAM should be entity-specific and avoid standardized or
overly technical language
► Description of a KAM should not
► Imply that the matter has not been appropriately resolved by the
auditor in forming the opinion on the financial statements
► Contain or imply discrete opinions on separate elements of the
financial statements (a “piecemeal opinion”)
16. Page 16Page 16
KAM – Delivering Entity-Specific Information to Users
Consistency
and
Comparability
Relevance
and
Usefulness
17. Page 17Page 17
KAM – Relationship to Emphasis of Matter (EOM) and
Other Matter (OM) Paragraphs and Modified Opinions
► Concepts of EOM and OM paragraphs are retained
► EOM and OM paragraphs cannot be used as a substitute for
communicating a matter determined to be a KAM
► New requirement to use the term “Emphasis of Matter” in the
heading in the auditor’s report when an EOM paragraph is
included
► Matters that give rise to a modified opinion are, by their
nature, KAM
18. Page 18Page 18
KAM – What Are the Documentation Requirements?
• In accordance with ISA 230, ISA 701 requires the auditor to
document the professional judgments made about
– Why a matter that required significant auditor attention is or is not a
KAM
– If there are no KAM, the rationale why
– Why a matter determined to be a KAM is not communicated
• No requirement to document the rationale for why matters
communicated to TCWG were not matters that required
significant auditor attention
More information about KAM is available in the Auditor Reporting
Toolkit at: www.iaasb.org/auditor-reporting.
19. Page 19Page 19
Enhanced Auditor Reporting on GC
► Changes to ISAs and the auditor's report to focus more on
GC
► Explicit description of the respective responsibilities of management
and the auditor in all auditor’s reports
► Separate GC section required when material uncertainty exists, with a
heading “Material Uncertainty Related to Going Concern”
► New requirement to challenge adequacy of disclosures for GC “close
calls”
20. Page 20Page 20
Interaction Between KAM and GC
► Matters relating to GC, including “close calls”, may be
determined to be KAM and communicated in the auditor’s
report in accordance with new ISA 701
► When a material uncertainty related to GC exists, it is by
nature a KAM, but is reported separately in the “Material
Uncertainty Related to Going Concern” section of the auditor’s
report
More information about GC is available in the Auditor Reporting
Toolkit at: www.iaasb.org/auditor-reporting.
21. Page 21Page 21
► Further work on the topic of GC by both
accounting and auditing standard setters
– Possible opportunity for research?
– IAASB to continue to monitor GC developments
and, as appropriate, engage in discussions with
the International Accounting Standards Board
– Consider whether further work in the area of
auditor reporting on GC is needed as part of the
planned post-implementation review of the new
and revised Auditor Reporting standards
GC – Next Steps
22. Page 22Page 22
Other Changes to the Auditor’s Report
► Auditor’s opinion required to be presented first
► Required Basis for Opinion section for unmodified opinions
► Statement about independence and other ethical
responsibilities
► Naming of the engagement partner (listed entities only)
► Enhanced description of auditor responsibilities and key
features of the audit
► Required identification section when TCWG are separate
from management
23. Page 23Page 23
Auditor Reporting and Law or Regulation
► New and revised Auditor Reporting standards continue to
allow for
► Reference to the ISAs in the auditor’s report when law or
regulation in a jurisdiction specify the layout or wording of the
auditor’s report, provided that certain requirements are met
► Any other reporting responsibilities (ORR) prescribed by law or
regulation in addition to those required by the ISAs, reported either
In a separate section in the auditor’s report; or
If addressing the same topics required by ISAs, in the same section,
provided the auditor’s report clearly differentiates the ORR from the
reporting required by the ISAs
24. Page 24Page 24
► IAASB-supported “roll-out plan” with objectives of
– Promoting awareness
– Informing and educating users
– Learning about experiences of those responsible for adopting and
implementing the standards
– Preparing for post-implementation review
► Planned activities
– Outreach and other communications
– Auditor Reporting Toolkit
Auditor Reporting Implementation
Support
25. Page 25Page 25
► New auditor reporting webpage:
www.iaasb.org/auditor-reporting
► Available now
– Auditor Reporting Fact Sheet
– Basis for Conclusions
– “At a Glance” publication
– Publications on GC and KAM
• Coming soon
− Illustrative KAM examples
− Listings and extracts of illustrative auditor’s reports
− Webcast and podcasts
Resources – Auditor Reporting Toolkit