Audit alert down under
The Australian Securities and Investments Commission (ASIC) recently published its annual review, identifying significant weaknesses in financial reporting and audit quality.
Items tagged with "Audit"
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Good data, better decisions: new guidance for government reporting
This UK’s National Audit Office (NAO), in collaboration with the Institute of Chartered Accountants in England and Wales (ICAEW), recently published new guidance on how governments can harness financial reporting data for more effective decision making.
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Auditing with AI? New guidance navigates a range of tools.
Auditing in the age of artificial intelligence (AI) has seen a watershed moment with the UK Financial Reporting Council’s (FRC) release of sign-of-the-times guidance on documenting and deploying AI tools.
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Assurance gains ground in global sustainability reporting
Sustainability reporting is holding steady—but assurance is on the rise. According to a new study from the International Federation of Accountants (IFAC) and AICPA & CIMA, 73% of the world’s largest companies now obtain some form of assurance on their sustainability disclosures. That’s up from 69% the year before—and just 51% five years ago.
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AICPA addresses ethics of AI in audits
The American Institute of Certified Public Accountants (AICPA) recently hosted its latest A&A Focus webcast, diving into the ethical implications of using artificial intelligence (AI) in audit procedures. The event, part of a monthly series, featured insights from leading experts on accounting, auditing, and assurance.
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FRC seeks roundtable participants to advance sustainability reporting assurance
The UK’s Financial Reporting Council (FRC) is taking steps to enhance sustainability reporting assurance through focused roundtable discussions. These roundtables, introduced as part of the FRC’s ongoing market study initiated in March 2024, aim to gather insights from stakeholders regarding the current state and future direction of sustainability assurance.
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PCAOB Proposes Greater Transparency for Audit Firms
On 9 April the US Public Company Accounting Oversight Board (PCAOB) released a proposal to significantly enhance a range of metrics that audit firms will need to publicly disclose on an annual basis.
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FRC launches market study on UK sustainability assurance market
The Financial Reporting Council (FRC) has launched a survey of the UK market for sustainability assurance services. This initial study aims to ensure the efficient functioning of the rapidly expanding market and to enhance the quality of assurance provided over companies’ sustainability reporting.
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IFAC and CA ANZ release quality management toolkit for smaller practices
The International Federation of Accountants (IFAC) and Chartered Accountants Australia and New Zealand (CA ANZ) have launched a quality management toolkit aimed at aiding small- and medium-sized practices (SMPs) in adopting the International Auditing and Assurance Standards Board’s (IAASB) suite of quality management standards.
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PRA’s evaluation confirms success of written auditor reporting policy
The UK’s Prudential Regulation Authority (PRA) has assessed the effectiveness of its Written Auditor Reporting policy. This policy, designed to enhance dialogue and report quality between auditors and supervisors, has proven highly successful.
