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  1. The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared illustrative examples for auditing simple and complex accounting estimates. The following illustrative examples are designed to illustrate how an auditor could address certain requirements of ISA 540 (Revised), and have been developed to assist the auditor in understanding how ISA 540 (Revised) may be applied: Simple Accounting Estimate – Provision on Inventory Impairment Complex Accounting Estimate – Provision on Property, Plant and Equipment Impairment The examples illustrate accounting estimates with varying characteristics and degrees of complexity. Each example illustrates a selection of requirements from ISA 540 (Revised). Not all requirements are addressed in each example, nor do they cover all parts of those requirements that have been selected. The requirements selected across each example vary to illustrate different aspects of ISA 540 (Revised) and to focus on those requirements that are most relevant to the example. These examples are intended to be read together with ISA 540 (Revised). This will demonstrate how an auditor’s work effort, to comply with the requirements of ISA 540 (Revised), may be scaled down and scaled up when auditing simple and complex accounting estimates. These examples do not constitute an authoritative pronouncement of the International Auditing and Assurance Standards Board (IAASB), nor do they amend, extend or override the ISAs or other of the IAASB’s International Standards. It is not meant to be exhaustive and reading these examples is not a substitute for reading the ISAs. أضغط على الرابط لزيارة موقع الخبر
  2. The IAASB's International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared illustrative examples for auditing simple and complex accounting estimates. The examples are designed to illustrate how an auditor could address certain requirements of ISA 540 (Revised), and have been developed to assist the auditor in understanding how ISA 540 (Revised) may be applied to: Simple Accounting Estimate – Provision on Inventory Impairment Complex Accounting Estimate – Provision on Property, Plant and Equipment Impairment Click here for the Illustrative Examples. The examples illustrate accounting estimates with varying characteristics and degrees of complexity. Each example illustrates a selection of requirements from ISA 540 (Revised). Not all requirements are addressed in each example, nor do they cover all parts of those requirements that have been selected. The requirements selected across each example vary to illustrate different aspects of ISA 540 (Revised) and to focus on those requirements that are most relevant to the example. These examples are intended to be read together with ISA 540 (Revised). This will demonstrate how an auditor’s work effort, to comply with the requirements of ISA 540 (Revised), may be scaled down and scaled up when auditing simple and complex accounting estimates. These examples do not constitute an authoritative pronouncement of the International Auditing and Assurance Standards Board (IAASB), nor do they amend, extend or override the ISAs or other of the IAASB’s International Standards. It is not meant to be exhaustive and reading these examples is not a substitute for reading the ISAs. Additional illustrative examples are being developed to illustrate how an auditor may address the requirements of ISA 540 (Revised) in the context of more complex accounting estimates such as those relating to expected credit losses, and will be released in due course. أضغط على الرابط لزيارة موقع الخبر
  3. This is the sixth installment of a 12-month publication series titled Exploring the IESBA Code. This installment addresses conflicts of interest. For more information about the Code, click here. أضغط على الرابط لزيارة موقع الخبر
  4. The IAASB invites you to join its webinar covering the previously released Public Consultation on Proposed Guidance: Extended External Reporting (EER) Assurance. The Consultation Paper is open for comment until July 13, 2020. The webinar will be held on June 10, 2020 from 7am – 8.30am EDT In this 90-minute webinar Lyn Provost, IAASB Member and Chair of the EER Task Force, will explain: what is meant by Extended External Reporting (EER) how EER Assurance engagements provide protection for the public interest how the IAASB’s proposed EER Assurance Guidance seeks to serve the public interest by: providing practical guidance on particular challenges practitioners face in performing EER assurance engagements, promoting consistent high-quality application of ISAE 3000 (Revised) to these engagements, and enhancing trust in assurance reports and engendering greater user confidence and trust in the reliability of EER reports. Time will be provided during this webinar to answer questions. The webinar is open to preparers and users (including investors) of EER reports, as well as to assurance practitioners and regulators. You can register here. أضغط على الرابط لزيارة موقع الخبر
  5. As a result of the COVID-19 pandemic and the unprecedented sums of relief money moving across the global economy, the threat of financial crimes and malfeasance continues to grow. In this context, CPA Canada and IFAC publish this report exploring a key facet of uncovering and fighting illegal activities: beneficial ownership transparency. The fight against money laundering, corruption and tax evasion requires the participation of several stakeholders, including accountants, who rely on strong legal frameworks and accurate information. The report contributes to the global conversation as countries grapple with questions regarding the extent to which, and by whom, beneficial ownership information is collected, reviewed and made available. Central to this discussion is the concept of beneficial ownership registers and registries. In examining how various countries are complying with the recommendations from the Financial Action Task Force (FATF) on transparency and beneficial ownership information, and with the perspectives of senior accounting leaders across the globe, the report finds that: Establishing a public beneficial ownership registry does not immediately ensure that a country’s law enforcement and other agencies have access to accurate information in a timely manner. In several jurisdictions, the move to a public registry has been a phased approach, starting with non-public registries and then transitioning to public registries; and Verifying information and ensuring appropriate levels of access are key factors in a registry’s efficacy. أضغط على الرابط لزيارة موقع الخبر
  6. As a result of the COVID-19 pandemic and the unprecedented sums of relief money moving across the global economy, the threat of financial crimes and malfeasance continues to grow. In this context, CPA Canada and the International Federation of Accountants (IFAC) today published a report that explores a key facet of uncovering and fighting illegal activities: beneficial ownership transparency. The fight against money laundering, corruption and tax evasion requires the participation of several stakeholders, including accountants, who rely on strong legal frameworks and accurate information. “Beneficial ownership information, which identifies who has controlling ownership of an entity, is important to the discovery of financial crimes,” said CPA Canada President and CEO Joy Thomas. “Enhancing the transparency of this information should strengthen anti-money laundering regimes and help in seeking out lawbreakers and their proceeds of crime.” The report, “Approaches to Beneficial Ownership Transparency: The Global Framework and Views from the Accounting Profession”, contributes to the global conversation as countries grapple with questions regarding the extent to which, and by whom, beneficial ownership information is collected, reviewed and made available. Central to this discussion is the concept of beneficial ownership registers and registries. In examining how various countries are complying with the recommendations from the Financial Action Task Force (FATF) on transparency and beneficial ownership information, and with the perspectives of senior accounting leaders across the globe, the report finds that: Establishing a public beneficial ownership registry does not immediately ensure that a country’s law enforcement and other agencies have access to accurate information in a timely manner. In several jurisdictions, the move to a public registry has been a phased approach, starting with non-public registries and then transitioning to public registries; and Verifying information and ensuring appropriate levels of access are key factors in a registry’s efficacy. “The global accountancy profession, with its strong public interest mandate, is a committed partner in the fight against financial crime,” said Kevin Dancey, IFAC CEO. “We are eager to advance important policy conversations, including those over beneficial ownership, and to work meaningfully alongside governments, law enforcement and other stakeholders to combat financial crime in all its forms.” With this report, the authors offer considered insights on the most effective ways to comply with international anti-money laundering standards. To view the first report, visit: cpacanada.ca/beneficialownership. About IFAC The International Federation of Accountants (IFAC) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. About CPA Canada Chartered Professional Accountants of Canada (CPA Canada) represents the Canadian accounting profession, both nationally and internationally. Operating in the highly complex and global accounting ecosystem, CPA Canada is a convener, facilitator, contributor and disseminator of information that advances the profession. The organization works closely with the provincial, territorial and Bermudan CPA bodies to champion best practices that benefit business and society. With more than 217,000 members, CPA Canada is one of the largest national accounting bodies in the world. The organization supports the setting of accounting, auditing and assurance standards, advocates for economic and social development in the public interest, and develops leading-edge thought leadership, research, guidance and educational programs. cpacanada.ca For more information: Perry Jensen Media Relations Manager Chartered Professional Accountants of Canada Tel: 416-204-3941 Cell: 647-807-4798 Email: pjensen@cpacanada.ca Geena De Rose IFAC Communications Tel: 646-277-9390 Email: geenaderose@ifac.org أضغط على الرابط لزيارة موقع الخبر
  7. Today the IAASB released COVID-19 Pandemic-related guidance for auditors to consider when issuing an auditer's report on the completion of the audit of financial statements. The guidance document can be found HERE. In the IAASB’s ongoing response to COVID-19, guidance related to Going Concern and Subsequent Events have also been issued, and more information and helpful links can be found on the IAASB’s COVID-19 Webpage. أضغط على الرابط لزيارة موقع الخبر
  8. To account for COVID-19’s impact on the International Auditing and Assurance Standards Board’s (IAASB) work, its staff capacity to deliver, and the capacity of the IAASB’s stakeholders to participate in consultations and to implement new standards, the IAASB has reconsidered the timelines for its projects in 2020. The Revised Detailed Work Plan Table for 2020-2021 {link} sets out a description of the changes that have been made and the revised timelines for 2020 and 2021 (as applicable). أضغط على الرابط لزيارة موقع الخبر
  9. To account for COVID-19’s impact on the International Auditing and Assurance Standards Board’s (IAASB) work, its staff capacity to deliver, and the capacity of the IAASB’s stakeholders to participate in consultations and to implement new standards, the IAASB has reconsidered the timelines for its projects in 2020. The Revised Detailed Work Plan Table for 2020-2021 sets out a description of the changes that have been made and the revised timelines for 2020 and 2021 (as applicable). “Like many others, we revised our Work Plan to respond to realities imposed by the COVID-19 pandemic,” noted Tom Seidenstein, Chair of the IAASB. “Our approach directs capacity to emerging public interest needs and accounts for the capacity of our stakeholders, volunteer Board Members, and staff. We will also continue to monitor whether further changes are needed." أضغط على الرابط لزيارة موقع الخبر
  10. On May 15, IAASB released guidance on auditor considerations when undertaking procedures relating to subsequent events, in light of the changing environment due to the COVID-19 Pandemic. Click here to learn more. أضغط على الرابط لزيارة موقع الخبر
  11. On May 15, IAASB released guidance on auditor considerations when undertaking procedures relating to subsequent events, in light of the changing environment due to the COVID-19 Pandemic. Click here to learn more. أضغط على الرابط لزيارة موقع الخبر
  12. All stakeholders are invited to register and participate. The IAASB invites you to join its webinar covering the recently released Exposure Draft of Proposed ISA 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors). The Exposure Draft is open for comment until October 2, 2020. The webinar is scheduled for Thursday, June 11, 2020 from 8:00 am EDT. In the 90-minute webinar, Len Jui, IAASB Member and Chair of the ISA 600 Task Force, will explain the background of the project and will take you through the key proposed revisions to ISA 600 (Revised). Please note that some time will be provided during this webinar to answer high-level questions. A follow-up webinar will be held in August 2020. In that webinar, participants will be provided with more time to ask questions about the Exposure Draft. This webinar will be recorded and placed on the IAASB Website at a later date. Click the link below to register: Thursday, June 11, 2020; 8:00 am - 9:30 am EDT If you have any questions, please email Armand Kotze at ArmandKotze@iaasb.org. أضغط على الرابط لزيارة موقع الخبر
  13. While the SMPC is generally supportive of the IESBA’s proposals and believes that the engagement partner objectively stepping immediately into an engagement quality review role is a critical consideration. Strict prohibition of such individual (unless a cooling-off period is served) may not be appropriate in all circumstances. We believe that the Code should continue to remain principles-based and any prohibition or limitation should apply the conceptual framework relevant to the specific circumstances. أضغط على الرابط لزيارة موقع الخبر
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