Audit-is-cool is pleased to accumulate and
provide its readers with the news on audit and related topics:
July 14, 2016
Business Wire (press release)
IESBA
Redefines Accountants’ Ethical Role When Laws and Regulations Broken
International Federation of Accountants
(IFAC) 32-page July 14, 2016 Publication: Responding to Non-Compliance with Laws and
Regulations – http://www.ifac.org/publications-resources/responding-non-compliance-laws-and-regulations
The global organization for accountancy
profession released this new standard today through its independent
standard-setting board, the International Ethics Standards Board for
Accountants (IESBA).
IESBA Technical Director Ken Siong: “The
board carefully calibrated the standard based on the rich and diverse input
from a wide range of stakeholders to ensure that it is proportionate and,
importantly, globally operable … The standard fills a gap in jurisdictions
where legislation or regulation does not address professional accountants’
responsibilities in these situations, and by providing helpful guidance it may
well complement legislation or regulation in jurisdictions that do address it.
This has been a long journey, and now it’s time for national standard setters,
professional accountancy organizations, and accounting firms to adopt and
implement the standard.”
Please follow link for details: http://www.businesswire.com/news/home/20160714005837/en/IESBA-Redefines-Accountants%E2%80%99-Ethical-Role-Laws-Regulations
July 14, 2016
Accounting Today
5
Questions to Ask Before Moving into Advisory Services
Accounting
technology veteran Amy Vetter recently featured a new revenue generating
undertaking – that is, advisory service. It is based on the Global SMP Survey
by the International Federation of Accountants (IFAC) which revealed a 32%
increase in advisory and consultancy service by small and mid-size firms in North
America.
She
have found in her career that auditors tend to have the most natural skills to
transition into advisory work – “They’re used to reviewing financial statements
for anomalies and asking questions. Shifting to advisory is a natural evolution
of the work: instead of delivering a report, you’re sitting down with clients
to discuss the report in the context of improving their business operations.”
Please
follow link for details:
July 14, 2016
Economia
FRC
survey reveals fears that audit profession becoming less attractive
YouGov
Survey by the Financial Reporting Council (FRC): “There is growing concern that
the audit profession is becoming less attractive as a result of increased
public and regulatory scrutiny”
·
It
was stressed that the audit profession’s recruitment, level of quality and
judgment skill development are disadvantaged after the implementation of EU
Regulation and Audit Directive (ARD) last month.
·
Related
FRC survey of audit market emphasized the concentration of the FTSE 350 audit
market in the Big Four firms.
FRC
executive director for audit Melanie McLaren: “Our vision for audit is that it
is trusted to provide reliable assurance on the public reporting of financial
information, and in doing so, promotes good governance and facilitates the
effective allocation of capital … The FRC’s strategy is to promote continuous
improvement in audit quality. One of the key factors in achieving this is to
engage with other regulatory professional bodies, auditors, audit committees
and investors to communicate good practice.”
Please
follow link for details: http://economia.icaew.com/news/july-2016/frc-survey-reveals-fears-that-audit-profession-becoming-less-attractive
