The following requirements are excerpted from AU-C Section 320 (the complete section should be read for a thorough understanding of materiality concepts): 10 When establishing the overall audit strategy, the auditor should determine materiality for the financial statements as a whole. If, in the specific circumstances of the entity, one or more particular classes of transactions, account…
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El Proyecto de Ley de Auditoría se encuentra en una fase muy avanzada de su tramitación y confiamos que su entrada en el Senado permita introducir algunas mejoras técnicas que no han podido consensuarse a su paso por el Congreso. Recordemos que esta iniciativa es consecuencia de la adaptación de nuestra legislación interna a los…
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· Getting the right balance between rigorous oversight of audit bodies and protection of their independence is a big challenge A good governance structure is fundamental to the effectiveness of public audit organisations. It is something that must apply to all, without exception. This is particularly true for what are known as supreme audit institutions.…
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Today, we hear a great deal about Chinese M&A deals, Chinese money and investment pouring into diverse markets, and even Chinese loans being used to bail out struggling economies. Combined with press coverage of Chinese tourists and elites rushing abroad to spend lots of cash on real estate and luxury goods, the world must be…
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Is a company that has a strong corporate social responsibility (CSR) reputation more likely to be a better user of digital media? Are its web sites and other digital communications more useful and have better content? We might expect a connection between sustainability performance and the communication of a company’s CSR program. But is there…
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Economic globalization and the increased scrutiny of transnational and multinational corporations over the past few decades has given rise to the present climate of opinion, with its widespread aversion to the «soulless corporation». Today, the responsibility of business is arguably not simply to increase profits but to achieve profit-maximization through corporate social responsibility and the…
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This year, 63 percent of the companies involved in CSR will allocate between EUR 5,000 and EUR 500,000 for projects of social responsibility and sustainability. Thus, 14 percent will spend between EUR 5,000 and EUR 10,000, 27 percent will spend between EUR 10,000 and EUR 50,000, while 21 percent will spend between EUR 50,000 and EUR…
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We have reached the limit of what we can deliver through regulation – we need to restore trust in business and to create value by giving more emphasis to corporate culture – Corporate culture is indeed rising up the agenda but we need the right tools to better understand it, and embed it at each…
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Investors and other stakeholders expect that accountancy services, including auditing or assurance, can be relied on when taking important decisions, David Stevens, Integrity and Law Manager for the Institute of Charted Accountants of England and Wales (ICAEW). How do you evaluate the role of accountancy and related professions in safeguarding ethical business practices? As professionals…
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Australian businesses need a focus on ethical leadership, with rewards that counterbalance those for high financial performance. Leaders of every organisation, whether it is corporate, not for profit, government or academic, ignore the health of its ethical culture at their peril. In this world of instantaneous communication, a single lapse of judgment is rapidly posted to customers,…
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