This document summarizes a presentation given at IMA's Annual Conference & Expo in Las Vegas in 2016. The presentation discussed proposed guidance on applying the COSO framework to integrated reporting and integrated thinking. It covered how COSO applies to non-financial information in integrated reports, how to map COSO controls to the integrated reporting framework, and challenges of assurance for integrated reports. The presentation aimed to help participants understand and apply the proposed guidance on internal controls for integrated reporting.
What the SPAC Trend Means for Digital Health, Rock HealthLevi Shapiro
What the SPAC Trend Means for Digital Health- presentation by Sari Kaganoff, Head, Consulting, Rock Health for mHealth Israel, May 12, 2021. Covers four parts: What’s a SPAC? Digital health’s very own SPAC boom. SPAC sponsors and targets in digital health. What SPACs mean for digital health. SPAC definition and fundamentals. Digital health activity has accelerated recently after a decade of steady growth. There have already been more completed or announced public exits in digital health in 2021 than in the last two years combined. The vast majority of recent public exit activity in digital health is SPAC-triggered. SPAC sponsors in digital health are targeting companies with slightly less funding and experience than those going public through an IPO. There is a potential supply-demand mismatch between sponsors and targets. The SPAC and IPO processes have different advantages for management teams. What this all means: SPACs are delivering more liquidity in digital health, faster.
Medigus Ltd is an Israel-based medical device company. It is engaged in the development, manufacturing, and marketing of surgical endostaplers and direct vision systems for minimally invasive medical procedures. The key product of the company is the MUSE (Medigus Ultrasonic Surgical Endostapler) system is a single-use device for the incisionless treatment of GERD (gastroesophageal reflux disease), which is based on proprietary platform technology and know-how.
What is the future of corporate reporting? AEP's Sandy Nessing, managing director of Sustainability, spoke to an MBA class at The Ohio State University's Fisher School of Business on Feb. 29, 2012, about AEP's experience, why sustainability is a growth platform as well as a risk management strategy and what the trends are in corporate reporting.
Integrated reporting--a form of corporate disclosure that connects financial and environmental, social, and governance (ESG) performance--is the most significant development in sustainability disclosure since the advent of the GRI. And its profile will rise significantly in the coming year.
This presentation summarizes the latest developments and best practices from the field. Includes data from the International Integrated Reporting Council (IIRC), Covanta Energy, Eskom, and the Sustainability Accounting Standards Board (SASB), in addition to research by Framework LLC.
This study gives insights on the implementation as well as internal and external facilitators of integrated reporting in companies. The joint research project of CCR and the University of Leipzig was sponsored by Clariant.
What the SPAC Trend Means for Digital Health, Rock HealthLevi Shapiro
What the SPAC Trend Means for Digital Health- presentation by Sari Kaganoff, Head, Consulting, Rock Health for mHealth Israel, May 12, 2021. Covers four parts: What’s a SPAC? Digital health’s very own SPAC boom. SPAC sponsors and targets in digital health. What SPACs mean for digital health. SPAC definition and fundamentals. Digital health activity has accelerated recently after a decade of steady growth. There have already been more completed or announced public exits in digital health in 2021 than in the last two years combined. The vast majority of recent public exit activity in digital health is SPAC-triggered. SPAC sponsors in digital health are targeting companies with slightly less funding and experience than those going public through an IPO. There is a potential supply-demand mismatch between sponsors and targets. The SPAC and IPO processes have different advantages for management teams. What this all means: SPACs are delivering more liquidity in digital health, faster.
Medigus Ltd is an Israel-based medical device company. It is engaged in the development, manufacturing, and marketing of surgical endostaplers and direct vision systems for minimally invasive medical procedures. The key product of the company is the MUSE (Medigus Ultrasonic Surgical Endostapler) system is a single-use device for the incisionless treatment of GERD (gastroesophageal reflux disease), which is based on proprietary platform technology and know-how.
What is the future of corporate reporting? AEP's Sandy Nessing, managing director of Sustainability, spoke to an MBA class at The Ohio State University's Fisher School of Business on Feb. 29, 2012, about AEP's experience, why sustainability is a growth platform as well as a risk management strategy and what the trends are in corporate reporting.
Integrated reporting--a form of corporate disclosure that connects financial and environmental, social, and governance (ESG) performance--is the most significant development in sustainability disclosure since the advent of the GRI. And its profile will rise significantly in the coming year.
This presentation summarizes the latest developments and best practices from the field. Includes data from the International Integrated Reporting Council (IIRC), Covanta Energy, Eskom, and the Sustainability Accounting Standards Board (SASB), in addition to research by Framework LLC.
This study gives insights on the implementation as well as internal and external facilitators of integrated reporting in companies. The joint research project of CCR and the University of Leipzig was sponsored by Clariant.
Nina Eisenman hosts a webinar with the IIRC’s communications director, Jonathan Labrey, as part of an initiative to educate IROs in how they can ‘uncover new ways to create value throughout their organizations.’ The online discussion, entitled An Introduction to Integrated Reporting, will also allow IROs to ask their own questions about the framework in a Q&A with Eisenman and Labrey.
Presentation by Vincent Tophoff, Senior Technical Manager, IFAC, for the Institute of Internal Auditors International Conference, in Vancouver, Canada, July, 5-8 2015.
There is big push by both government regulations as well as accounting bodies to include integrated reporting as part of regulatory filings. Currently there are over 1,500 companies reporting using integrated reporting framework. Majority of those companies are in Japan and South Africa.
The United States is currently looking at integrated reporting framework through a discussion paper by FASB. There are many many United States companies that have embraced integrated reporting framework.
Integrated reporting 101; Getting started with Integrated Reporting in IndiaVrushali Gaud-Shinde
Introduction to Integrated reporting - India
The Securities Exchange Board of India (SEBI) recently raised a circular recommending top 500 companies to adopt Integrated Reporting. This is a quick guide that answers the Why? What? How? questions to get Indian companies started with Integrated Reporting.
Presentation by Stathis Gould at The 6th Annual Symposium on Sustainable Business Non-Financial and Integrated Reporting, Baruch College, November 1, 2013
Presentation by Prof. Alexandra Watson, the College of Accounting, University of Cape Town, on integrated reporting and the evolution of the issue and practice in South Africa given at the International Federation of Accountants’ Council Seminar, A Fundamental Shift in Corporate Reporting.
Presentation given by Helen Brand, Chief Executive, Association of Chartered Certified Accountants (ACCA) on integrated reporting during the International Federation of Accountants’ Council Seminar, A Fundamental Shift in Corporate Reporting.
Presentation by Graham Terry, Senior Executive: Strategy and Thought Leadership, the South African Institute of Chartered Accountants, given during the International Federation of Accountants’ Council Seminar, A Fundamental Shift in Corporate Reporting.
Prof. Mervyn King's presentation on integrated reporting during the International Federation of Accountants’ Council Seminar, A Fundamental Shift in Corporate Reporting.
What is Integrated Reporting <ir> and how does it enable a business to tell its value creation story? Understand key concepts in the Consultation Draft of the International <ir> Framework and how this market-led initiative is getting global traction. Hear how it fits with existing reporting practice and the wider reporting landscape, here in the UK and internationally. Michael will present about the Framework from a technical perspective and Kate will explain how the IIRC engages with business, investors and other stakeholders, they will also put <ir> in the wider reporting landscape.
How to Become a Thought Leader in Your NicheLeslie Samuel
Are bloggers thought leaders? Here are some tips on how you can become one. Provide great value, put awesome content out there on a regular basis, and help others.
Nina Eisenman hosts a webinar with the IIRC’s communications director, Jonathan Labrey, as part of an initiative to educate IROs in how they can ‘uncover new ways to create value throughout their organizations.’ The online discussion, entitled An Introduction to Integrated Reporting, will also allow IROs to ask their own questions about the framework in a Q&A with Eisenman and Labrey.
Presentation by Vincent Tophoff, Senior Technical Manager, IFAC, for the Institute of Internal Auditors International Conference, in Vancouver, Canada, July, 5-8 2015.
There is big push by both government regulations as well as accounting bodies to include integrated reporting as part of regulatory filings. Currently there are over 1,500 companies reporting using integrated reporting framework. Majority of those companies are in Japan and South Africa.
The United States is currently looking at integrated reporting framework through a discussion paper by FASB. There are many many United States companies that have embraced integrated reporting framework.
Integrated reporting 101; Getting started with Integrated Reporting in IndiaVrushali Gaud-Shinde
Introduction to Integrated reporting - India
The Securities Exchange Board of India (SEBI) recently raised a circular recommending top 500 companies to adopt Integrated Reporting. This is a quick guide that answers the Why? What? How? questions to get Indian companies started with Integrated Reporting.
Presentation by Stathis Gould at The 6th Annual Symposium on Sustainable Business Non-Financial and Integrated Reporting, Baruch College, November 1, 2013
Presentation by Prof. Alexandra Watson, the College of Accounting, University of Cape Town, on integrated reporting and the evolution of the issue and practice in South Africa given at the International Federation of Accountants’ Council Seminar, A Fundamental Shift in Corporate Reporting.
Presentation given by Helen Brand, Chief Executive, Association of Chartered Certified Accountants (ACCA) on integrated reporting during the International Federation of Accountants’ Council Seminar, A Fundamental Shift in Corporate Reporting.
Presentation by Graham Terry, Senior Executive: Strategy and Thought Leadership, the South African Institute of Chartered Accountants, given during the International Federation of Accountants’ Council Seminar, A Fundamental Shift in Corporate Reporting.
Prof. Mervyn King's presentation on integrated reporting during the International Federation of Accountants’ Council Seminar, A Fundamental Shift in Corporate Reporting.
What is Integrated Reporting <ir> and how does it enable a business to tell its value creation story? Understand key concepts in the Consultation Draft of the International <ir> Framework and how this market-led initiative is getting global traction. Hear how it fits with existing reporting practice and the wider reporting landscape, here in the UK and internationally. Michael will present about the Framework from a technical perspective and Kate will explain how the IIRC engages with business, investors and other stakeholders, they will also put <ir> in the wider reporting landscape.
How to Become a Thought Leader in Your NicheLeslie Samuel
Are bloggers thought leaders? Here are some tips on how you can become one. Provide great value, put awesome content out there on a regular basis, and help others.
Redefining Value, Moving Markets: The Future of Sustainability RatingsSustainable Brands
Allen White, Founder, Global Initiative for Sustainability Ratings (GISR)
With over 100 organizations working on some kind of sustainability performance rating or ranking, how can companies decide which one(s) to focus on, or manage against? What key underlying principles should high-quality assessment criteria follow, and how is 'rating the raters' likely to affect the perceived value of existing ratings and rankings? What else could be done to bring about further clarity and trustworthiness to said assessments?
Multiple Choice Question 53It costs Ross Co. $24 of variable a.docxrosemarybdodson23141
Multiple Choice Question 53
It costs Ross Co. $24 of variable and $10 of fixed costs to produce one bathroom scale which normally sells for $70. A foreign wholesaler offers to purchase 2,000 scales at $30 each. Ross would incur special shipping costs of $2 per scale if the order were accepted. Ross has sufficient unused capacity to produce the 2,000 scales. If the special order is accepted, what will be the effect on net income?
$8,000 decrease
$12,000 decrease
$60,000 increase
$8,000 increase
Multiple Choice Question 69
Carter, Inc. can make 100 units of a necessary component part with the following costs:
Direct Materials
$120,000
Direct Labor
20,000
Variable Overhead
60,000
Fixed Overhead
40,000
If Carter purchases the component externally, $30,000 of the fixed costs can be avoided. At what external price for the 100 units is the company indifferent between making or buying?
$200,000
$230,000
$240,000
$170,000
Multiple Choice Question 79
Mink Manufacturing is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $60 and Mink would sell it for $130. The cost to assemble the product is estimated at $42 per unit and the company believes the market would support a price of $170 on the assembled unit. What decision should Mink make?
Sell before assembly, the company will be better off by $2 per unit.
Process further, the company will be better off by $28 per unit.
Sell before assembly, the company will be better off by $40 per unit.
Process further, the company will be better off by $58 per unit.
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Reproduced with permission of the copyright owner. Further reproduction prohibited without
permission.
14 JULY 2013 / THE CPA JOURNAL
In
F
o
c
u
s
Updates from FASB and the SEC
Leslie F.
Seidman▼
Paul A.
Beswick
▼
Standards Setting, Outreach, and Convergence Projects
eslie F. Seidman presided as FASB chair
from December 2010 to June 2013 and
served two terms as a FASB board
member since July 2003. Prior to her
appointment as chair, Seidman first
served as a FASB industry fellow, later
as a project manager, and then as assis-
tant director of research and technical activities. Before
joining FASB, she set accounting policies for J. P.
Morgan & Co. (now JPMorgan Chase) and worked
as a member of Ernst & Young’s audit staff.
Paul A. Beswick is the SEC’s chief accountant.
The Office of the Chief Accountant (OCA) is respon-
sible for establishing accounting and auditing policy
at the SEC. Beswick oversees the SEC’s work with
private-sector accounting organizations, such as
FASB; he also serves as an observer to FASB’s
Emerging Issues Task Force (EITF). Prior to
joining the SEC, Beswick was a partner at
Ernst & Young.
On.
Never worry about accounting homework again, because our professionals are here! Our account service comes with a team of professionals who are more than ready to take on your assignment just log on to http://www.helpwithassignment.com/accounting-assignment-help
The Growing Need of Corporate Attributes and Timeliness of Financial Reportingijtsrd
This study examined the Growing Need of corporate attributes and Timeliness of Financial Reporting in Nigeria. Cross sectional data was sourced from financial statement of quoted banks. Number of days was modelled as a function of total assets, influence of industry sector, size of audit firm, profitability and number of employees. After cross examination of the validity of the pooled effect, fixed effect and the random effect, the study accepts the fixed effect model. The result found that profitability and influence of industry sector have positive relationship with timeliness of financial report of the selected bank. The panel unit root proved that the variables are stationary at first difference while the causality test found one unidirectional relationship with size of audit firm to timeliness of financial reporting. From the regression summary, the study concludes that corporate attributes have significant relationship with timeliness of financial reports. We recommend that corporate attributes that affect negative timeliness of financial reporting should be discouraged or properly managed and factors that enhance timeliness of financial reporting should be encouraged. Dr. Odogu Laime Isaac | Dr. Zebaghafa Sunday | Okpobo Timinipre Joseph "The Growing Need of Corporate Attributes and Timeliness of Financial Reporting" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-2 , April 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd54026.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/54026/the-growing-need-of-corporate-attributes-and-timeliness-of-financial-reporting/dr-odogu-laime-isaac
NL:
ESG Routekaart.
De dwingende uitdaging waarvoor wij staan op het gebied van milieu is, om met zijn allen de beweging in gang te zetten om de gemiddelde opwarming van de aarde tot 1,5 graden te beperken. Sommige belanghebbenden, gouvernementele organisaties en banken, vragen regelmatig om verbetering en het aanscherpen van de Europese wetgeving met betrekking tot het klimaat. De EU zou tegen 2050 een totale reductie van de binnenlandse emissies van 80% moeten realiseren. Door een eenduidig stappenplan te borgen, is een concrete stap naar verduurzamen. Denk daarbij aan de interne- en externe belanghebbenden te betrekken voor de implementatie van initiatieven om CO2-emissies te verminderen, of een stap verder zou zijn, om de emissies te compenseren. De Routekaart beschrijft aan de hand van analyses, en sector specifieke KPI’s, modellen hoe dit beleid goed zou kunnen worden geborgd in een Environmental Socio-Economic Governance beleid. De Routekaart biedt op de lange termijn een kosten efficiënt pad naar een schonere, klimaatvriendelijke bedrijf.
Short biography of the presenter; Ginio Franker, September 1966, Suriname.
Position Learning and Development NLP-trainer & Transpersoonlijke coach + Climate Leader trained by Al Gore. "A Moral Call to Climate Change" + "Environmental Justice".
Website www.greandream.com.
EN:
ESG-ROADMAP
With the effects of climate change already upon us, the need to cut global greenhouse gas emissions is nothing less than urgent. It’s a daunting challenge, but the technologies and strategies to meet it exist today. A small set of ESG policies, designed and implemented well, can put us on the path to a low carbon future. ESG Key Performance Indicators are complex, so they must be sector specific, focused and cost-effective. One-size-fits-all approaches simply won’t get the job done. Sustainability managers need a clear, comprehensive resource that outlines the ESG policies that will have the biggest impact on our climate future, and describes how to implement these policies well within their own organisations.
We don’t need to wait for new technologies or strategies to create a low carbon future—and we can’t afford to. ESG-ROADMAP gives professionals the tools they need to select, design, and implement the policies that can put us on the path to a livable climate future.
The Environmental Social Governance challenges e.g: on regulatory and reputational risks, market scandals and new market opportunities makes ESG information a data source of growing importance. With ESG in company seminars, round table discussions, scholarships and online association programs, we leave no one behind. Sign up today. Zentrepreneur Environmental Social Governance Associates Training. (ZESGA).
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COP 27 host Bellona and CIFF - Digital Sustainability Disclosures Workiva
Moving from voluntary disclosures to mandatory disclosures, governed by securities regulators. That means the company has to give it vastly more attention, and these disclosures will be subject to increasingly rigorous systems, controls and procedures. Goes from being a communication function, to a compliance function as a regulated disclosure.
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"Sustainability reporting is not just report generation from collected data; instead it is a method to internalize and improve an organization’s commitment to sustainable development in a way that can be demonstrated to both internal and external stakeholders." Wikipedia
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
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Proposed Guidance: COSO Internal Controls for Integrated Reporting
1. IMA's Annual Conference & Expo in Las Vegas - 2016
Presented By:
Liv Watson, Sr. Director of Customers Strategic Initiatives, Workiva Inc.
Brad Monterio, Managing Director, COLCOMGROUP, INC.
Proposed Guidance: COSO
Internal Controls for Integrated
Reporting
June 22, 2016
10:00 AM - 11:15 AM
Liv Watson, Sr. Director of Customer Strategic Initiatives, Workiva, Inc.
Brad Monterio, Managing Director, Colcomgroup, Inc.
2. IMA's Annual Conference & Expo in Las Vegas - 2016
Learning Objectives
Œ
Describe how the proposed guidance
applies to integrated reporting (<IR>),
especially non-financial information.
Explain proposed guidance on how to
apply COSO to <IR> and integrated
thinking.
Ž
Recognize how to apply basic templates
for mapping COSO to the <IR>
framework.
3. IMA's Annual Conference & Expo in Las Vegas - 2016
Context
It is commonly said that companies
undergo a 'journey' to <IR>. The same is
true about internal controls and
assurance on <IR> - the pathway is
being built today.
"The business community is entering
a new era in corporate reporting,
assurance, and internal controls - the
management accounting profession
is in a unique position to help guide
that journey."
--- Liv Watson and Brad Monterio
4. IMA's Annual Conference & Expo in Las Vegas - 2016
The <IR> Report must be...
▪ Understandable and usable
▪ Talking about value creation
▪ Focused on strategy and the future
▪ Connected
▪ Accurate, reliable and complete
▪ Concise
▪ Focused on material information
▪ Consistent and comparable
▪ Targeted at a variety of stakeholders
5. IMA's Annual Conference & Expo in Las Vegas - 2016
▪ 193 Countries
▪ 17 Goals
▪ 169 targets
Market Drivers - The 2030 Agenda
6. IMA's Annual Conference & Expo in Las Vegas - 2016
Learning Objective 1
Œ
Describe how the proposed guidance
applies to integrated reporting (<IR>),
especially non-financial information.
8. IMA's Annual Conference & Expo in Las Vegas - 2016
Common Reporting Frameworks
Framework About
IIRC <IR> (global) Helps organizations explain to providers of financial capital how they create value over time
CDP / CDSB (global)
CDP: Uses the power of information disclosure to drive organizations to measure, manage &
reduce their impact on the environment & build resilience, while providing high quality
information to the market. CDSB: Helps organizations prepare/present environmental
FASB US GAAP (U.S.)
Establishes & improves standards of financial accounting/reporting by nongovernmental
entities to provide decision-useful information to investors & other users of financial reports
GRI G4 (global)
Enables all organizations – regardless of size, sector or location – to report the sustainability
information that matters
IASB (global)
Provides high quality, transparent & comparable information for investors, provides capital
markets with a common language for financial reporting, promotes capital market stability
through transparent financial reporting & promotes consistent application of standards
ISO 26000 (global) Provide guidance on how businesses & organizations can operate in a socially responsible way
SASB (U.S.)
Helps public corporations disclose material sustainability information in mandatory SEC filings,
such as the Form 10-K and 20-F
9. IMA's Annual Conference & Expo in Las Vegas - 2016
▪ Defining the Non-GAAP Financial
Measure
▪ Unbiased Purpose
▪ Prominence of Presentation of
GAAP measures versus Non-
GAAP Financial measures
▪ Reconciliation to Comparable
GAAP Measures
▪ Presentation of Non-GAAP
Financial Measures Consistently
Over Time
▪ Recurring Items
▪ Access to Associated Information
Non-GAAP Measures
11. IMA's Annual Conference & Expo in Las Vegas - 2016
Common Assurance Frameworks
Framework About
IFAC / ISAE 3000 (global)
The standard consists of guidelines for the ethical behavior, quality management and
performance of an ISAE3000 engagement.
An ISAE3000 report generally consists of a description of the scope, the norm against which
the report is tested, a description of the control framework and a detailed description of the
risk management system and a control matrix consisting of the risks, the related control
objectives and the related controls.
AccountAbility / AA1000AS
(global)
(AA1000AS) provides a methodology for assurance practitioners to evaluate the nature and
extent to which an organization adheres to the AccountAbility Principles.
12. IMA's Annual Conference & Expo in Las Vegas - 2016
Assurance Challenges
▪ Materiality
▪ Reporting Boundary
▪ Connectivity
▪ Completeness
▪ Narrative Reporting and Future Oriented
Information
▪ Quantitative and Qualitative Information
13. IMA's Annual Conference & Expo in Las Vegas - 2016
Controls and <IR>
Œ
Ž
1st Line of Defense:
Business and Management
Controls
2nd Line of Defense:
Capitals Controls
3rd Line of Defense:
Internal Audit
4th Line of Defense:
External Assurance
1st Line of Defense:
Business/Mgt. Controls
5th Line of Defense:
Regulators
‘6th Line of Defense:
Stakeholders
14. IMA's Annual Conference & Expo in Las Vegas - 2016
Controls and <IR>
Stakeholders
á á á
4thLineofDefense
5thLineofDefense
6thLineofDefense
15. IMA's Annual Conference & Expo in Las Vegas - 2016
Materiality: Common Principles"Statement of Common Principles of Materiality"
Published by Members of the Corporate Reporting Dialogue (CRD)
16. IMA's Annual Conference & Expo in Las Vegas - 2016
Materiality: Common Principles
▪ Concept that is widely used in financial and non-financial
reporting
▪ Frequently a legal concept - some countries, by either statute,
case law or regulation, have established a definition of
materiality to be applied in a specific jurisdiction
▪ Not possible to establish a ‘one size fits all’ quantified
definition of materiality globally
▪ The application of materiality among Corporate Reporting
Dialogue (CRD) participants compounded due to the different
context in which their reporting standards are applied
▪ Each CRD organization will need to tailor any definition
of materiality to its respective mission
▪ CRD recommends modifications adhere to a foundational
principle: 'material information is any information which is
reasonably capable of making a difference to the
conclusions reasonable stakeholders may draw when
reviewing the related information.'
18. IMA's Annual Conference & Expo in Las Vegas - 2016
Materiality: A Closer Look
Material information is defined by the U.S.
Supreme Court as presenting a substantial
likelihood that the disclosure of the omitted fact
would have been viewed by the reasonable
investor as having significantly altered the “total
mix" of information made available.
-TSC Industries, Inc. v. Northway, Inc., 426 U.S.
438 (1976)
<IR> "Relevant Matters"
Not all relevant matters will be considered
material. To be included in an integrated
report, a matter also needs to be sufficiently
important in terms of its known or potential
effect on value creation.
19. IMA's Annual Conference & Expo in Las Vegas - 2016
Materiality: SASB
The SASB Materiality
Map™ analyzes the
potential for material
impacts of 30
sustainability issues across
all industries.
Sustainability issues are
divided into five
dimensions:
▪Environment
▪Social Capital
▪Human Capital
▪Business Model &
Innovation
▪Leadership & Governance
21. IMA's Annual Conference & Expo in Las Vegas - 2016
Global Regulation Update
▪ GRI, the United Nations Environment
Programme (UNEP), KPMG International,
and the Centre for Corporate Governance in
Africa recently released the 4th edition of
"Carrots & Sticks: Global Trends in
Sustainability Reporting Regulation and
Policy"
▪ Reviews the reporting landscapes of 64
countries and territories
▪ Identifies approximately 400 regulations,
guidelines, codes-of-conduct, frameworks,
and other reporting instruments—both
mandatory and voluntary
▪ This report paints one of the most
comprehensive pictures of the global non-
financial reporting requirements
▪ www.carrotsandsticks.net
22. IMA's Annual Conference & Expo in Las Vegas - 2016
Global Regulation Update: U.S.
▪ U.S. Congress recently mandated new disclosure
requirements to be enforced by the SEC:
◦ Dodd Frank Act Section 1502 X - SEC adopts
rules regarding registrants’ use of conflict
minerals
◦ Section 1504 directs SEC to adopt rules
regarding disclosure of payments made by
resource extraction issuers to foreign
governments or the federal government for the
purpose of the commercial development of oil,
natural gas, or minerals
◦ Section 1503 requires certain registrants to
disclose information about health and safety
violations at mining-related facilities
▪ SEC recognized that investors want greater
disclosure of some public policy and sustainability
matters
▪ SEC voted in April to publish concept
release seeking public comment on modernizing
Regulation S-K
23. IMA's Annual Conference & Expo in Las Vegas - 2016
Global Regulation Update: E.U.
Non-financial regulatory disclosure trends
in the EU
▪ EU Directive 2014/95/EU (Dec 2016) on
disclosure of non-financial and diversity
information went into action
▪ Aims at improving transparency of
certain large EU companies regarding
non-financial information
▪ New disclosure requirements apply to
large public-interest entities with more
than 500 employees
24. IMA's Annual Conference & Expo in Las Vegas - 2016
Learning Objective 2
Explain proposed guidance on how to
apply COSO to <IR> and integrated
thinking.
25. IMA's Annual Conference & Expo in Las Vegas - 2016
What does it
mean to be an
integrated
reporting
company?
26. IMA's Annual Conference & Expo in Las Vegas - 2016
High-Level Overview
▪ 3 Objectives
▪ 5 Integrated
Components
▪ 17 Principles
▪ 100+ specific
"Points of
Focus"
▪ 8 Content
Elements
▪ 7 Guiding
Principles
▪ 6 Capitals/
Resources
27. IMA's Annual Conference & Expo in Las Vegas - 2016
The <IR> Framework The COSO Framework
<IR> reports to communicate a clear, concise, integrated story that explains
how all of their resources are creating value
28. IMA's Annual Conference & Expo in Las Vegas - 2016
▪ Internal controls considerations
▪ Materiality
▪ Reporting boundary
▪ Connectivity matters
▪ Assessing completeness
▪ Assessing narrative reporting
(incl. future-oriented
statements)
▪ Using work of others
▪ Form of the assurance report
Challenges
29. IMA's Annual Conference & Expo in Las Vegas - 2016
Gather Review Final ReviewOrganize
Accounting Operations
Accounting Policy
Actuarial
Corporate Benefits
GAAP Reporting Team
Investments
Legal
Lines of Business
Reinsurance
Risk Management
STAT Reporting Team
Tax
<IR>y Team
Other
• Track deliverables
• Combine data
• Perform rounding
Version 4
Version 4
Version Final
Senior Management
& External Auditors
Version 1
Version 2
Version 3
Master Excel®
File
Copy, paste, manually update, and format
text and tables in multiple documents;
track deliverables; follow up on and
resolve questions, and track sign-off.
Reporting Team
Audited Financial
Statement
MD&A
Footnotes
Departmental
Management
Times 35+ Notes
Times # of Pages
Times 25+ Notes
GL & STAT
Package
Unstructured Data - 90%
Structured Data - 10%
<IR> Report
The <IR> Report Manual Close
31. IMA's Annual Conference & Expo in Las Vegas - 2016
Learning Objective 3:
Ž
Recognize how to apply basic templates
for mapping COSO to the <IR>
framework.
32. IMA's Annual Conference & Expo in Las Vegas - 2016
Does the <IR> Report include all 8 Content Element of the <IR> Framework?
Yes or No
Does the <IR> Report reflect all 7 Guiding Principles of the <IR> Framework?
Does the <IR> Report include all 6 Capitals of the <IR> Framework ?