Together with a press release marking the publication of the ESEF Regulatory Technical Standards in the Official Journal of the European Union, the European Commission published an ESEF Q&A, that provides answers to frequently asked questions. Significantly, it includes the following question and answer: 7) What kind of assurance will be provided for financial statements […]
For audit and accounting to build truly useful advisory services, they need to focus on more than just financial data, suggests a blogpost on the Accountancy Europe site. Wesley Shulte, from Finext, argues that moving beyond financial data will allow auditors and accountants to create valuable assessments for companies – for example, by auditing human […]
AI has led to some predicting the catastrophic demise of the audit profession – however, as robots don’t quite live up to the job-stealing hype that’s been predicted, how will the smart machine age really effect the evolution of auditing? Jillian Alderman explores the reality of audit in the AI era in an article in the Graziadio Business Review this week.
A recent article by Amir Ghandar, former Deputy Director, Public Policy & Regulation at the International Federation of Accountants (IFAC), in the Australian Financial Review takes a hopeful angle on the crisis in audit confidence, arguing that the digital age’s thirst for trusted information signals the start of a golden age of audit. Recent years have […]
Dramatic changes to the UK audit sector were proposed in a report this week setting out recommendations from an independent review of the Financial Reporting Council (FRC). The audit profession and its regulator have been under intense scrutiny following a number of high profile corporate failures. The recommendations address gaps in FRC powers, setting a course for […]
There is no requirement to audit or provide any level of assurance on digitally formatted XBRL and Inline XBRL financial statements. This is not in the interest of investors.
Thinking about the way that using standardised structured data inside the enterprise can benefit management as well as investors and auditors is the subject of a new guest post from Mohini Singh.
This is the second in a series of guest posts from Mohini Singh, ACA, Director, Financial Reporting Standards, CFA Institute. For the past six years, the narrative assigned to investors is they are drowning in information. This script emerged in 2011/2012 with publications such as the UK Financial Reporting Council’s Cutting Clutter and ICAS’s Losing […]
As frequently reported here, audit firms around the world are increasingly turning to new technologies, particularly artificial intelligence, to develop greater coverage and new insights. New machine learning techniques allow manual sampling efforts to be replaced with the automatic review of every single transaction of a particular type. Sounds like a way to provide a better, […]