Audit-is-cool is pleased to accumulate and provide its readers with the news on audit and related topics:
August 25, 2015
Tax News
Country-By-Country Reporting: The Transfer Pricing
Game-Changer
The Tax-News.com Editorial featured the proposals
for new tax information reporting requirements for large multinational
businesses. An introduced concept of standardized three-tier format on transfer
pricing document serves to enhance determinations about where audit resources
can most effectively be deployed, and, in the event audits are called for,
provide information to commence and target audit inquiries. Please follow link
for details: http://www.tax-news.com/features/CountryByCountry_Reporting_The_Transfer_Pricing_GameChanger__573035.html
August 18, 2015
Corporate Social Responsibility and the
Law
U.K. Modern Slavery Act: New Disclosure Requirements for
Companies Operating in the United Kingdom
This October, companies that do business in
the U.K. should assess their exposure to the U.K. Modern Slavery Act. Among the
steps required for compliance involve – review or implementation of auditing
and verification mechanisms. The significant audit policy evaluation questions
are:
- How does your company verify compliance with its human rights policies?
- Does your company have systems in place to audit its operations and its suppliers for compliance with corporate human rights policies? What performance indicators support these systems?
- Are existing, or planned, auditing procedures sufficient to evaluate the specific risks of slavery and human trafficking associated with your company’s business?
- Does your company use independent auditors?
August 25, 2015
Accountancy Live
Deloitte picks up Admiral Group audit
The largest professional services network,
Deloitte, will replace Klynveld Peat Marwick Goerdeler (KPMG) as Admiral Group
auditor. This is according to the insurer company’s interim financial
statements on 15 August 2015. Please follow link for details: https://www.accountancylive.com/deloitte-picks-admiral-group-audit
August 20, 2015
Accountancy Live
Woolf: Toshiba audit raises red flag over quality and
independence
Hyperion Insurance Group Board Director,
Emile Woolf, articulated the professional significance of external audit on the
edge of recent accounting scandals. On fraud investigation, he opined: “While
audit methodology fails to reflect the environment in which results are
reported, the real question concerns the corporate culture of the audit firm
itself, as much as its client.” Please follow link for details: https://www.accountancylive.com/woolf-toshiba-audit-raises-red-flag-over-quality-and-independence
June 2015
ICAEW Press Release
Bank
auditors could add credibility to capital numbers
The Institute of Chartered Accountants in
England and Wales (ICAEW) has called for auditors to be ready to give
independent assurance on bank capital numbers. Iain Coke, head of ICAEW’s
Financial Services Faculty, said: “People need to have confidence in banks’
capital ratios. We need to know what society expects from bank auditors and how
the auditors can meet those expectations. ICAEW will then design a framework that
allows auditors to deliver this consistently across banks.” Responses are
invited by 16 October 2015. Please follow link for details: http://www.icaew.com/en/about-icaew/newsroom/press-releases/2015-press-releases/bank-auditors-could-add-credibility-to-capital-numbers
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