Accountancy Europe has performed its second annual survey on the auditor’s reporting of key audit matters (KAMs) in the European banking sector since KAMs became required by EU law and international standards in 2017. One of the main goals of the survey is to benchmark and compare the data from the banking sector, year-over-year. The survey, which highlights…
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Audit Quality Indicators (AQIs) help evaluate audit quality, enhance dialogue among auditors, audit committees and management, and can improve the quality of audit oversight by audit committees. The Canadian Public Accountability Board (CPAB) has seen a number of good practices that have contributed to better audit quality outcomes. The benefits of AQIs They drive audit…
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There are currently 48 Canadian reporting issuers with activities in the crypto-asset sector. Those activities include a variety of crypto-asset trading strategies and crypto-asset mining. The Canadian Public Accountability Board (CPAB) found significant findings (deficiencies in the application of generally accepted auditing standards that could result in a restatement of the company’s financials) in seven…
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BLOCKCHAIN, and the application of such, has over the past couple of years been a headline maker. However, there is still a lot of uncertainty over exactly what blockchain is and how this will transfer into everyday life. Blockchain, in its simplest form, can be thought of as a distributed ledger technology (DLT) containing the…
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The audit profession is still at the very early stages of introducing artificial intelligence, but should guard against full implementation, reveals ACCA and CA ANZ’s Audit and Technology report. A survey of ACCA members and affiliates about their understanding of terms such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), data analytics…
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Keeping our personal information private is a concern for us all. It’s been one year since the EU’s General Data Protection Regulation (GDPR) required all organisations processing data to review and adapt their documents and procedures. What the GDPR means in practice has been the topic of intense debate. In this blog, we aim to…
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Organizations are embracing innovation and disruptive technology at breakneck speed. While these changes have many positive effects—often improving the efficiency and effectiveness of operations, increasing responsiveness to customer needs, or enhancing a competitive advantage—they are also associated with new and sometimes unknown risks. As trusted advisors and competent assurance providers, internal auditors can provide meaningful…
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Embracing the Next Generation of Internal Auditing Now is the time to commit to the journey to evolve into a next-generation internal audit function. While this journey will be prolonged and marked with steep challenges, it is absolutely imperative given the intensifying nature of the digital transformation underway in the rest of the organization and…
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A side from special cases, many CPAs and accounting professionals probably need some clear guidance when clients want to know how much their business is worth. To be fair, if you offer business valuation services you know that arriving at an answer is very difficult because 90 percent of a business’ value comes from qualitative…
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Like the speed of risk, the end of 2018 is approaching very rapidly. That means many of you are putting the finishing touches on your 2019 annual internal audit plan. I am sure that your process has been exhaustive, and you are preparing to present a plan for your audit committee that will reflect the…
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