For 15 years, KPMG’s Global Audit Committee Institute has been providing audit committees and board members in different countries practical insight, resources and peer exchange opportunities focused on strengthening oversight of financial reporting and audit quality, and the array of challenges facing boards and businesses today.
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This publication features candid views of KPMG’s audit leaders on the value of an audit – its strengths, weaknesses and the changes they believe must take place to meet the needs of the capital markets.
The publication is the result of one of a series of worldwide roundtable discussions, which are part of KPMGs’ initiative in association with Economia magazine.
KPMG’s 2014 Global Audit Committee Survey captures the views of nearly 1,500 audit committee members around the world on a range of timely issues.
In 2014, audit committees and boards will face an array of governance challenges stemming from economic uncertainty, globalization and geopolitical turbulence, increased government regulation, and an interconnected world in which technology is accelerating everything.
Audit committees have a critical role to play in ensuring that their organisations have robust cyber security defences – not in understanding the minutiae of the technology involved, but in leading governance and policy.
As part of its post-implementation review of the accounting for business combinations, the KPMG report features interviews with an international sample of nearly 30 senior stakeholders from business, investors, regulators and academics to find out what they think about goodwill impairment testing: its relevance, its effectiveness, the difficulties and the disclosures.
To help assess whether IFRS 3 Business Combinations is working as intended, the IASB has issued a request for information to constituents.
Investors invest globally, and demand for APMs does not stop at regulatory borders. ESMA has issued a consultation paper on AMSs in public, regulatory filings.
On 30 January 2014, the IASB issued the first specific guidance on accounting for the effects of rate regulation under IFRS, with the publications of an interim standard – IFRS 14 Regulatory Deferral Accounts.
On 25 March 2014 the IASB published for public comment an Exposure Draft outlining proposed amendments to IAS 1 Presentation of Financial Statements.
The proposal results from one of several short-term projects under the IASB’s Disclosure Initiative.
On 14 April 2014, the European Council approved a final package of legislative measures for reform of the audit market including among other things mandatory audit firm rotation of public interest entities (PIEs) and restrictions on non-audit services that can be provided by their auditor.