Audit-is-cool is pleased to accumulate and
provide its readers with the news on audit and related topics:
July 7, 2016
CPAPracticeAdvisor.com
Financial
Execs Struggle To Measure and Mitigate Risks
Accounting
and Audit segment of CPA Practice Advisor highlighted this struggle through
managing editor Isaac M. O’Bannon.
Basis:
New Survey conducted by Grant Thornton LLP. Accounting and Business
Consultancy, which states – Almost two-thirds of executives or 64% see
strategic risk as a highly significant threat to their organizations compared
to other types of risk – including compliance risk, operational risk and
financial risk.
Among
the important audit issues highlighted are as follows:
·
21%
of organizations don’t rate third parties by the risks they pose, and nearly
half or 41% don’t audit any of their third parties.
·
For
departments involved in GRC activities, 43% of executives cite skill shortages
in audit departments, while 38% cite skill shortages in operations
leadership/management departments.
Please
follow link for details: http://www.cpapracticeadvisor.com/news/12229007/financial-execs-struggle-to-measure-and-mitigate-risks
July 5, 2016
Australian Financial Review
The
Big Four firms are now more technology than accounting
AFR
data editor Edmund Tadros recently raised the concern that fast-growing areas
of consulting, technology and digital services have already outpaced the
companies’ original accounting roots. “Only one in five partners appointed to
PricewaterhouseCoopers, Deloitte, EY and KPMG in the past year were in the
traditional businesses of audit and assurance,” he said.
According
to Lynn Kraus, the head of markets at EY Oceania: “Over the last two years, the
acquisitions that the big four firms have been making are hugely different to
four or five years ago … At EY, we've made six acquisitions over 24 months, all
with a lens for this whole concept for digital and cyber skills.”
Please
follow link for details: http://www.afr.com/business/accounting/the-big-four-firms-now-more-technology-than-accounting-20160701-gpwsd7
June 30, 2016
AccountancyAge
One in
20 audit firms quit as market evolves
June 2016 Key Facts and Trends in the
Accounting Profession
By Financial Reporting Council
(FRC.org.uk)
This is the FRC (watchdog) publication
report which head editor Kevin Reed have recently featured in Accountancy Age. It
indicated considerable changes in the accounting profession, particularly in
the field of audit — 304 practices have dropped their audit licence since December
2014. Taking into account that in 2004, there were 9,950 that are into UK’s
accounting profession – it extensively decreased to 6,331 or a 4.6% fall.
Please follow link for details: https://www.accountancyage.com/2016/06/30/one-in-20-audit-firms-quit-as-market-evolves/
June 27, 2016
The Straits Times
Audit
sector 'can benefit from opportunities tech brings'
Singapore-based English daily broadsheet
newspaper featured the important role of technology in the accounting
profession. Deputy Prime Minister Tharman Shanmugaratnam said, "The audit
sector is one which can leverage new technologies to develop new capabilities
in advanced audit analytics." This is during his opening address at
Deloitte University Asia Pacific in Amara Sanctuary Resort in Sentosa, a centre
set up by the Big Four accounting firm to groom employees into leaders.
