Newsroom

Worldwide Update May 2019

April 29, 2019

Periodic roundup of recent and upcoming actions and activities by audit and accounting organizations throughout the world.

International

IASB– International Accounting Standards Board (www.ifrs.org)

IFRS for SMEs Modules, published March 5, 2019, is a series of 35 modules developed over the past couple years to assist those interested in “learning about, applying, or reading financial statements prepared using, the IFRS for SMEs Standard. Included with each module are sections covering requirements, significant estimates and other judgments, comparison with full IFRS Standards, test your knowledge and apply your knowledge.

 

IFAC– International Federation of Accountants (www.ifac.org)

International Accounting Education Standards Board (IAESB)– Exposure Draft, Proposed Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised), issued March 27, 2019, proposes “changes in key terminology, including a revised definition of the term “assurance client”; enhanced and clarified independence requirements for attestation engagements; clarification of the types of assurance engagement addressed in Part 4B; simplified guidance on assurance engagements that refers to the definitive source of explanatory material on such engagements in IAASB literature.”… Read More

PCAOB Implements New Directions on Audit Oversight

April 29, 2019

Outlook for inspections and new audit report content put in place

When the PCAOB issued the Inspections Outlook for 2019in December, the term “transformation,” a word more often found in religious contexts, was used to describe the wide sweeping reassessment of the approaches for planning, conducting and reporting on the Board’s periodic examinations of audits and auditors. While some of the anticipated results will address longer range aspects, a number are to be implemented in 2019.

Following up, on March 14, 2019, the Staff Inspections Outlook for Audit Committees (Outlook) was published, spelling out the Board’s more robust intent for engagement with audit committees, along with delineation of key areas of inspection focus, as well as suggested questions audit committees may want to ask the auditors during the year.… Read More

Corporate and Audit Failures Lead Call for New British Regulator

April 29, 2019

Audit watchdog with more muscle to replace beleaguered Financial Reporting Council

The last issue of the Audit & Accounting Alert reported on the innovative, forward looking approach of the United Kingdom’s Financial Reporting Council (FRC) in tackling the challenges of financial reporting in the age of artificial intelligence. Unfortunately, the auditor watchdog role of the FRC has not fared as well in keeping pace with the rapid changes in the accounting and reporting complexities of organizations subject to its oversight.

With collapses like that of Carillion plc, the second largest construction company in the United Kingdom, in early 2018, and severe criticism of the company’s audits performed by KPMG, the government commissioned an independent review of the FRC (known as the Kingman Review) to determine what went wrong, and the appropriate actions to take.… Read More

Integra Announces New Firm in Dakar, Senegal

April 24, 2019

Integra International is very pleased to announce that a new member in Dakar, Senegal has been admitted.

KAP Expertise is a 2 Partner and 14 staff firm, founded in 2014. The two Partners are Mr. Radoine Kreaime and Mr. Rayan Darwiche.

Managing Partner of the firm and main contact person for Integra International is Mr. Radoine Kreaime, who can be contacted at [email protected]  .  Mr. Kreaime  worked for several years in France, including five years as a Senior Manager of the Integra member firm in Paris.

KAP Expertise is a well-established and professionally managed entity, and one of the important local firms. More details about the firm can be seen  on the Integra Website .  We welcome Mr. Radoine Kreaime and Mr.… Read More

Integra Announces New Firm in Palermo, Italy

March 27, 2019
Integra International is very pleased to announce that a new member in Palermo, capital of the Italian island of Sicily, has been admitted.

Link Audit SRL is a firm with 2 partners, 5 associated partners, 3 executives, and 3 clerical staff.

The two partners, Mr. Roberto Agnello and Mr. Francesco Melidoni both have Big Four background and each of them has over 20 years of professional experience.

Main contact persons for Integra International are:

Mr. Roberto Agnello who can be contacted at [email protected] , and

Mr. Domenico Merlino, who can be contacted at [email protected]

More details about the firm can be seen  on the Integra Website

We welcome Mr. Agnello, Mr. Melidoni and Mr. Merlino and the partners and staff of Link Audit SRL.… Read More

New Framework Addresses Audit Quality Disclosures

March 12, 2019

Useful guidance for audit firms of all sizes

The Center for Audit Quality (CAQ), an AICPA affiliate, describes itself as an autonomous public policy organization dedicated to enhancing investor confidence and public trust in global capital markets by fostering, among other things, high-quality performance by public company auditors. Time and time again, polls have given high marks for the public trust of accountants in various regards. For example, a January 2019 survey taken by three international accounting bodies found a much higher trust level in accountants than in governmental tax systems. Maintaining the high confidence of the public is critical for public accountants who hold the exclusive franchise for audit reports on financial statements.

Even though the resources generated by the CAQ are specifically directed toward public company auditors, they provide beneficial insights and tools that can be helpful to private company auditors as well.… Read More

Artificial Intelligence and Corporate Reporting

March 12, 2019

Financial Reporting Council report considers the impact

The Financial Reporting Council (FRC) is the regulator of auditors in the United Kingdom, as well as the standard setter for corporate governance. The FRC’s goal is to promote transparency and integrity in business for the investors and others who rely on company reporting.

In response to the call for improved corporate reporting, the FRC established the Financial Reporting Lab (Lab) in 2011, as a means for investors and companies to together develop pragmatic solutions. To address technology related challenges, the Lab initiated two projects. Digital Present looked at the current state of technology tools and how to best employ them. Digital Future, building on the results of Digital Present, “is designed to identify what benefits the new mediums and technologies should offer, consider which technologies might do this and how companies can make the most of the digital opportunity.”… Read More

Integra International Announces New Firm in Dammam, Saudi Arabia

March 5, 2019

Integra International is very pleased to announce that a new member in Dammam, Saudi Arabia, has been admitted.  Nasser Alkhunaizi Certified Public Accountants is a 2 Partner, 15 staff full service firm with branch office in Manama, Bahrain.

Main contact persons for Integra International are the two Partners, Mr. Nasser Alkhunaizi, who can be contacted at [email protected] and Mr. Nader Al-Ghanem who was member of Integra International until 2016. Mr. Al-Ghanem can be contacted at [email protected]

The branch office in Manama, Bahrain, is established under the name of Al-Ghanem Certified Public Accountants and the main contacts for Integra are Mr. Nader Al-Ghanem and the Audit Manager, Mr. Muhsin Mohammed who can be contacted at [email protected]

More details about the firm can be seen  on the Integra Website.  … Read More

Integra International Announces New Firm in Chisinau, Moldova

March 1, 2019

Integra International is very pleased to announce that a new member in Chisinau, Moldova, has been admitted.

First Audit International – FAI – is a Joint Stock Company constituted in 1996.  The firm has 1 Managing Partner and 22 staff. They all speak Romanian and Russian, and 8 of them speak very good English.

Managing Partner and Director of the firm is Mr. Sergiu Soimu who has over 25 years of professional experience. Mr. Soimu is a full member of the Association of Professional Accountants and Auditors of Moldova (ACAP) – member of IFAC. Mr. Sergiu Soimu can be contacted at [email protected]

Additional contact persons for Integra will be: – the Deputy Director, Mr. Corneliu Soimu, who can be contacted at [email protected]… Read More