April 21, 2015
WHAT'S IN THIS ISSUE
Latest Viewpoint
Audit & Assurance
Business Reporting
Ethics
An Abundance of Resources to Fight Financial Reporting Fraud
by Cindy Fornelli, Executive Director, Center for Audit Quality
Finance Leadership &
Development
Governance
Financial reporting fraud is relatively
rare, but it remains a serious
challenge. Research from the
Committee
of
Sponsoring
Organizations of the Treadway
Commission (COSO) has indicated
that the median cumulative
monetary loss resulting from
instances of this type of fraud is
around $12 million.
Performance & Financial
Management
Practice Management
Risk Management & Internal
Control
Sustainability
The bad news: Financial reporting fraud, like most crimes, will
always be a threat. The good news is that accountants and
auditors, financial executives, boards of directors, and other key
stakeholders across the financial reporting supply chain now have
more resources and knowledge than ever to aid them in deterring
and detecting fraud. What's more, we know that careful and
comprehensive application of resources makes a huge difference
to detecting fraud at companies of all sizes.
Audit & Assurance
1.
Discussion | Agreed-Upon Procedure Engagements—Help Shape the IAASB’s Standard
The IAASB is in an information-gathering phase of its project on agreed-upon procedures,
which includes a revision of ISRS 4400, Engagements to Perform Agreed-Upon Procedures
Regarding Financial Information, and consideration of more holistic issues involving
2.
3.
agreed-upon procedures.
Resources | View All
Ensuring Audit Quality and Engaging Investors
Video | CFA Institute
Clarified Auditing Standards: Assessing Risks of Material Misstatement–Part 1
Article | Accounting Web
Enhancing Audit Quality Practice Aid
Guidance | American Institute of CPAs
Data & Analytics Add Value to Audit and Confidence in Assurance
Video | KPMG
Audit Trends: What’s Changing and How Are Audit Committees Responding?
Report | KPMG
Clarified Auditing Standards: Planning an Audit (AU-C 300)–Part 2
Article | Accounting Web
Cindy Fornelli (CAQ) Discuss the Results of the Joint Report with the Institute of Internal
Auditors
Video | Bloomberg BNA
News | View All
FEE Makes Accountants Aware of Providing Horizon 2020 Certification Services
April 20, 2015 | Fédération des Experts-comptables Européens – Federation of European
Accountants
EY Sees Barriers to Use of Big Data for Audits
April 17, 2015 | CFO.com
CAQ and AAA Provide Auditors for Research Projects
April 16, 2015 | Accounting Today
What Auditors Ought to Let US Investors Know
April 15, 2015 | Fortune
ICAS and CIPFA Launch Landmark Integrated Qualification in Audit
April 14, 2015 | ICAS
Report: Majority Adopt New COSO Framework
April 13, 2015 | Compliance Week
IAASB’s Revised Standard ISA 720 Enhances Auditor Focus on Annual Reports in Light of
Increased Investor Focus on Qualitative Disclosures
April 9, 2015 | International Auditing and Assurance Standards Board
PCAOB Preparing New Rule for Audits of Accounting Estimates
April 9, 2015 | CFO.com
Revised Auditing Standard Puts Onus on Auditor to Read Annual Reports
April 8, 2015 | Accounting Today
Business Reporting
1. Discussion | Does Transparency Matter for SMEs?
A closer look at the reasons, legal and otherwise, transparency matters for SMEs.
2. Resources | View All
IFRS Formula Linkbase 2015
Guidance | IFRS Foundation
IFRS Foundation Publishes Updated Guide to IFRS Use around the World
Guidance | IFRS Foundation
Communicating Strategies for Value Creation for SMEs–The Singapore Perspective
Article | Institute of Singapore Chartered Accountants
3. News | View All
Answers Needed for Flaws in M&A Accounting Standard
April 20, 2015 | CFO.com
The IFRS Foundation Publishes IFRS Taxonomy Formula Linkbase 2015
April 20, 2015 | IFRS Foundation
IASB Chief Announces New Mission Statement
April 17, 2015 | Economia
German and Greek Finance Ministers Speak at Brookings, Offer Different Views on Eurozone Issues
April 17, 2015 | Brookings
Countdown for Singapore’s New Companies Act
April 16, 2015 | The Accountant
New EFRAG Chief Signals More Political Approach
April 16, 2015 | Accountancy Age
International Accounting Standards Best for Canada, Executive Says
April 15, 2015 | The Globe and Mail
New EU Accounting Body Chief Signals More Aggressive Approach
April 14, 2015 | Reuters
Europe Slow to Adopt New Accounting Standard Despite Greek Crisis
April 14, 2015 | Wall Street Journal
US Accounting Standard Setters Issue Their 2015 Strategic Plan
April 14, 2015 | Accounting Web
What Is the Point of Human Capital Reporting?
April 14, 2015 | HR Magazine
US Private Company Council Chair Billy Atkinson to Step Down
April 9, 2015 | Accounting Today
Convergence–Past, Present and Future
April 7, 2015 | FEI Daily
Big Four Dominate EFRAG Technical Expert Group Appointments
April 7, 2015 | The Accountant
Ethics
1. Discussion | A New Weapon in the Mexican Fight against Business Corruption
New principles of business integrity and ethics from the Consejo Coordinador Empresarial in Mexico
will help wage a battle against corruption.
2. Discussion | Responding to the IESBA: New Ethical Guidance for Professional Accountants in
Business Timely and Relevant
The IFAC Professional Accountants in Business Committee is developing a response to
IESBA’s proposed changes to Part C of the Code of Ethics for Professional Accountants addressing
presentation of information and pressure to breach the fundamental principles.
3. Resources | View All
Downlaod the APESB Professional Standards App
Website/Resource Center | Accounting Professional and Ethical Standards Board
Changes to the Code Addressing Certain Non-Assurance Services Provisions for Audit and Assurance
Clients
Document | International Ethics Standards Board for Accountants
Measuring the Return on Character
Article | Harvard Business Review
4. News | View All
IESBA Strengthens Auditor Independence Rules
April 16, 2015 | Accounting Today
New Mobile App Makes Professional Standards More Accessible
April 16, 2015 | Accounting Professional and Ethical Standards Board
IESBA Reinforces Auditor Independence Provisions; Further Limits Exceptions and Clarifies Guidance
around Non-Assurance Services
April 14, 2015 | International Ethics Standards Board for Accountants
Nine Steps to Make Your Company’s Ethics Training Program Stick
April 8, 2015 | Accounting Web
Tax Avoidance Is Moral Question for Clients, Not Advisors
April 8, 2015 | Economia
Finance Leadership & Development
1.
2.
Resources | View All
For CPAs and Their Firms, Agility Trumps Ability
Article | American Institute of CPAs
Tomorrow’s Finance Enterprise
Report | Association of Chartered Certified Accountants, Institute of Management Accountants
The Secret to Retaining Top Talent? Development
Article | AICPA Insights
5 Ways to Boost Sustainability's Value Proposition for CFOs
Article | Green Biz
You Made Partner: Now What?
Article | Journal of Accountancy
Women in Accounting: Recruit and Retain More People of Color
Video | Accounting Today
News | View All
CIMA and the Hackett Group to Collaborate on Professional Development Offering for Global
Business Services and Shared Services Organisations
April 20, 2015 | Chartered Institute of Management Accountants
The Five Influences on Future Finance
April 17, 2015 | City AM
ICAEW Salary Survey 2015
April 13, 2015 | Institute of Chartered Accountants in England and Wales
Accountancy Roles No Longer the Preserve of Accountants
April 9, 2015 | The C Suite
Governance
1.
2.
Resources | View All
Staying Focused at the Top
Article | Journal of Accountancy
Corporate Governance Factbook
Report | Organisation for Economic Co-operation and Development
News | View All
Finance Professionals Help Better Corporate Governance
April 17, 2015 | Financial Express
Performance & Financial Management
1.
2.
Resources | View All
Brightening the Black Box of R&D
Article | McKinsey & Company
Financing SMEs and Entrepreneurs 2015: An OECD Scoreboard
Report | Organisation for Economic Co-operation and Development
Performance Management: The Secret Ingredient
Article | Deloitte
News | View All
Financing Small Businesses: OECD Launches SME Scoreboard
April 16, 2015 | Organisation for Economic Co-operation and Development
5 Ways Treasurers Can Address Strategic Challenges
April 16, 2015 | CGMA Magazine
SMEs and Entrepreneurs Need to Diversify Their Funding Amid Continued Credit Constraints
April 16, 2015 | Organisation for Economic Co-operation and Development
CFOs Unhappy with Budget Process
April 9, 2015 | Accounting Today
Online Lenders Offer a Faster Lifeline for Small Businesses
April 8, 2015 | NY Times
Global Crowdfunding
April 8, 2015 | The Economist
The IPA’s Small Business White Paper
April 8, 2015 | Public Accountant
Practice Management
1. Discussion | SME Acquisitions and the Added Value of a Registered Auditor
Hiring a registered auditor when acquiring an SME can help to reduce obstacles and increase the
success of the acquisition, according to recent insights from the Belgian Institute of Registered
Auditors (IBR-IRE) Congress, “Acquisitions (Transfer and Takeover) of SMEs: Approach, Risks, and
Valuation.”
2. Resources | View All
Guide to Cloud Computing
Guidance | CPA Australia, Telstra
Clouding SMEs: Tools
Website/Resource Center | Clouding SMEs
For CPAs and Their Firms, Agility Trumps Ability
Article | American Institute of CPAs
The Struggle to Stay Relevant
Video | Accounting Today
Measuring and Managing Actual Engagement Profitability
Article | Accounting Today
You Made Partner: Now What?
Article | Journal of Accountancy
What's Your Fraud IQ?
Survey | Journal of Accountancy
Pest Practices: How to Handle Nagging Clients
Article | Accounting Today
Three Roles Accountants in Practice Need to Fulfill
Article | Accounting Web
Women in Accounting: Recruit and Retain More People of Color
Video | Accounting Today
3. News | View All
FEE Makes Accountants Aware of Providing Horizon 2020 Certification Services
April 20, 2015 | Fédération des Experts-comptables Européens – Federation of European Accountants
‘Lowballing’ a Continuing Threat to Firms, Claim Analysts
April 17, 2015 | Accountancy Age
The Tech Take: 3 Big Skills of the Future-Ready Firm
April 17, 2015 | Accounting Today
Busy Season 2015: Worse and Worser
April 16, 2015 | CPA Trendlines
Security Regains Place as Top Technology Priority for CPAs, North American Survey Finds
April 16, 2015 | CPA Canada
The Cheap, Convenient Cloud
April 16, 2015 | The Economist
Clients' Top Retirement Worry Is Going Broke: AICPA
April 9, 2015 | Think Advisor
Maryland CPAs Concerned about Staff Retention
April 7, 2015 | Accounting Today
Risk Management & Internal Control
1.
2.
Resources | View All
Great Walls of Fire
Article | The Economist
Audit Trends: What’s Changing and How Are Audit Committees Responding?
Report | KPMG
News | View All
Security Regains Place as Top Technology Priority for CPAs, North American Survey Finds
April 16, 2015 | CPA Canada
Report: Majority Adopt New COSO Framework
April 13, 2015 | Compliance Week
Sustainability
1.
2.
Resources | View All
Short-Termism and the Threat from Climate Change
Article | McKinsey & Company
Sustainability and the CFO: Challenges, Opportunities and Next Practices
Report | Corporate Eco Forum
5 Ways to Boost Sustainability's Value Proposition for CFOs
Article | Green Biz
Track It! Stop It! Get It!
Report | United Nations Economic Commission for Africa
How to Really, Truly Integrate Sustainability into Your Business
Article | Green Biz
News | View All
Sustainability Challenges and Opportunities for CFOs
April 20, 2015 | CGMA Magazine
A Good Corporate Accounting of Social Costs Is Needed
April 16, 2015 | NY Times
‘Sustainability’ Gone Mad on College Campuses
April 15, 2015 | Washington Post
Global Economic Development: Unsustainable Goals
April 15, 2015 | The Economist
How to Introduce Sustainability into Business Decisions
April 10, 2015 | Institute of Chartered Accountants of Scotland
Five Reasons to Act Now to End Pollution
April 7, 2015 | World Bank
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