IAASB releases credit crisis guidance
Advice for managers, auditors and compliance managers to help cope with the credit crisis rolled out
Advice for managers, auditors and compliance managers to help cope with the credit crisis rolled out
The International Auditing and Assurance Standards Board has released a new
practice alert aimed at helping auditors and compliance managers cope with the
credit crisis.
The alert urges auditors and those responsible for governance to consider the
effect of the economic downturn on their company and whether these impacts
should be described in the financial statements.
It highlights auditing standards that are most relevant in a downturn, such
as International Standard on Auditing 570, Going Concern.
James Sylph, the IAASB’s executive director, professional standards says
managers and auditors should consider the availability of credit, and the impact
of current conditions on budgets and forecasts.
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW cited managing insurance costs, firms struggling to obtain coverage, assessing risk-taking capacity, and evolved firm structures as drivers ...
View articleThe IESBA emphasizes the importance of timely and global adoption of their standards. For corporate accountants, this means staying updated with chang...
View articleKPMG's faces record fine for a widespread exam cheating scandal, implicating senior staff and highlighting systemic ethical issues in the professional...
View articlePwC's Australia tax scandal has led to significant changes, including over 300 job cuts and the refusal to share a crucial report with Australian parl...
View articleAccountants and accounting firms play a crucial role in maintaining financial integrity, facing ethical dilemmas and regulatory challenges. Adherence ...
View articleThe creation of an effective sustainability standards infrastructure requires not only high-quality sustainability reporting and assurance standards, ...
View articleChanges will help to make accounting profession more attractive, ICAEW boss says Read More...
View article38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...
View article