Boards of directors need to oversee multiple internal assurance activities across organizations in discharging their responsibilities for the integrity of integrated reporting.
Together with ICAEW, The International Federation of Accountants (IFAC) today released the latest installment in its Anti-Money Laundering: The Basics educational series: Installment Nine: Tools to Fight Back.
The publication is part of a series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. Installment nine examines the tools professional accountants have at their disposal to address money laundering once it’s suspected.
Anti-Money Laundering: The Basics is user-friendly, easily accessible, and will be a resource for small and medium practices (SMPs) and accountants less familiar with AML, while also providing guidance for those looking for a quick refresher or reference.
Anti-Money Laundering: The Basics is featured on both the IFAC (link) and ICAEW websites and available for download for free. To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point.
For more information about IFAC, visit www.ifac.org.
This is the ninth installment in the Anti-Money Laundering, The Basics series.
The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.
IFAC and ClimatePartner have measured the Corporate Carbon Footprint for IFAC. This measurement was based on the guidelines of the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). This report covers the period from December 2019 to December 2020.
IFAC and ClimatePartner have measured the Corporate Carbon Footprint for IFAC. This measurement was based on the guidelines of the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). This report covers the period from January 2019 to December 2019.
IFAC and ClimatePartner have measured the Corporate Carbon Footprint for IFAC. This measurement was based on the guidelines of the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). This report covers the period from January 2021 to December 2021.
To answer questions about the cost of audit and how it compares to the fees companies pay for other professional services provided by statutory auditors, the International Federation of Accountants (IFAC) today published Audit Fees Survey 2022: Understanding Audit and Non-Audit Service Fees, 2013-2020. The new study details information about audit-related, tax-related, and other non-audit professional services in the US, Canadian, and European markets across mega-cap, large-cap, mid-cap, small-cap, and micro-cap exchange-listed companies in nine industries.
“The data clearly shows differences across jurisdictions and industries, while demonstrating that fees for non-audit services appear to be on a flat or declining trend,” said IFAC CEO Kevin Dancey. “As audit quality and reform continue to be a focus for the global accountancy profession, this data provides necessary transparency and fosters understanding about the quality, cost and value of the professional services that public practice firms provide to their clients.”
About IFAC 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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.
Data will inform evidence-based discussions on audit costs and their function as value-added services
Understanding Audit Fees and Non-Audit Service Fees, 2013-2020
How much does audit cost? How does this compare to the fees companies pay for other professional services provided by statutory auditors? These questions are the starting point for this report. But when talking about listed companies in different jurisdictions and of all sizes, absolute figures may not shed meaningful comparative insight.
The final publication in a four part series discussing ethical leadership in an era of complexity and digital change.
This paper is the fourth and final thought leadership pieces that build on a collaborative exploratory paper and global roundtable event held jointly with Chartered Professional Accountants of Canada (CPA Canada) and the Institute of Chartered Accountants of Scotland (ICAS), entitled Ethical Leadership in an Era of Complexity and Digital Change. The exploratory paper, a summary of the event, and an on-demand recording are available here.
The International Federation of Accountants (IFAC) today released a new resource, Auditing Accounting Estimates: ISA 540 (Revised) Implementation Tool. It will help auditors implement the International Auditing and Assurance Standards Board’s International Standard on Auditing 540 (Revised), Auditing Accounting Estimates and Related Disclosures by providing an overview of steps practitioners could take and related considerations.
For entities of all types and sizes, management has to make accounting estimates, which have estimation uncertainty and may also be complex. Making these estimates involves selecting and applying a method using assumptions and data, which requires judgment. The nature, timing and extent of the audit procedures required will vary in relation to the estimation uncertainty and the assessment of the related risks of material misstatement.
This implementation tool contains “what”, “why” and “how” suggestions. These are not all-encompassing and more or different considerations may apply depending on the circumstances of the engagement. The implementation tool also works in conjunction with the IAASB’s previously published ISA 540 (Revised) flowcharts showing the requirements flow. The choice of specific procedures an auditor decides to perform to meet the requirements of ISA 540 (Revised) and other relevant ISAs is a matter of professional judgement. This implementation tool does not replace the need to read ISA 540 (Revised), including its application and other explanatory material.
The publication is based on the Chartered Professional Accountants of Canada (CPA Canada) Implementation Tool and supports efforts to improve audit quality globally and, more broadly, international standards’ adoption and implementation. Additional guidance and resources are available on the dedicated Supporting International Standards section of the IFAC Knowledge Gateway.
About IFAC 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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.
New Resource Helps Implement International Standard on Auditing Accounting Estimates
