18 August 2014: The need for a full and frank assessment of the future role of the audit profession was highlighted at a recent roundtable discussion in South Africa.
This New on the Horizon provides detailed analysis on the IASB's recent discussion paper on accounting for dynamic risk management activities.
As the severity of the global financial crisis was exposed to the world, questions shifted from the troubled institutions themselves to the auditors that provided assurance over their financial statements.
The audit profession must evolve and change to remain relevant in today’s rapidly changing global economic environment.
How does audit add value to the capital markets? While this has always been an issue for companies and their auditors, the financial crisis has brought the question into the full glare of the global public spotlight.
The purpose of an audit is to add credibility to an organization’s financial statements and as a result, enhance investor confidence and provide a sound basis for decision-making.
April 2014 saw the European Parliament approve the legislation to reform the audit market including spreading the new UK ‘long-form’ audit reporting across Europe.
Financial statements no longer give insight into companies’ changing fortunes. So auditors must evolve themselves in order to remain relevant as a profession.
Larry Bradley, KPMG’s Global Head of Audit, explains the KPMG perspective on the value of audit, and the steps we are taking to ensure that audit remains relevant for the changing needs of all markets.
Q2 2014 issue of our quarterly banking newsletter in which we provide updates on IFRS developments that directly impact banks and consider the potential accounting implications of regulatory requirements.
Welcome to the Q4 2013 issue of our quarterly banking newsletter in which we provide updates on IFRS developments that directly impact banks and consider the potential accounting implications of regulatory requirements.
This edition of IFRS Newsletter: Insurance highlights the IASB’s discussion on the mandatory effective date of IFRS 9 and the FASB-only discussions on its insurance contracts project held in February 2014.
The recently released accounting standard, IFRS 9 (2013) – General hedge accounting could offer some welcome relief to corporate South Africa.
IFRS 4 provides guidance on whether medical schemes should assess capitation agreements as risk transfer arrangements or not.
2013 saw a number of new and revised IFRSs come into effect, some of which contain significant new disclosures.